ALBUQUERQUE, N.M. – Housing New Mexico and Sol Housing celebrated the grand opening of Farolito Senior Community in Albuquerque Friday, March 20. The new development is an apartment community that includes 82 units for seniors 55 and older and is located on State Trust Land across from Luminaria Senior Community, creating a visual entry to the East Gateway neighborhood on Route 66.
Funding for Farolito was provided by the City of Albuquerque and Housing New Mexico, and the development also received American Rescue Plan Act funds from Gov. Michelle Lujan Grisham. The New Mexico State Land Office leased the land to Sol Housing, and 94% of the earnings from lease payments go to support the New Mexico public education system, public universities and hospitals.
The Housing New Mexico Board of Directors approved approximately $1.6 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $14.1 million in cash equity.
“Farolito is a quality affordable housing development that is much needed in the Albuquerque community,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “Thanks to the Housing New Mexico-Sol Housing partnership, we continue to work together to strengthen communities and provide safe housing for New Mexicans.”
Sol Housing hosted the grand opening ceremony.
“Welcoming another affordable housing community for our city’s seniors is an accomplishment we are proud to share with our partners, neighbors and residents who will call it home for many years,” said Sol Housing Executive Director Felipe Rael. “Farolito is a true testament to Sol’s vision for a future where everyone can create connection and joy in a home of their choice.”
Features at Farolito include a community room, dog wash, dog park, pollinator garden and multi-purpose space.
Farolito is income-restricted as follows:
- 25 units are restricted to households earning 30% or less of the Area Median Income (AMI).
- 16 units are restricted to households earning 50% or less of the AMI.
- 28 units are restricted to households earning 60% or less of the AMI.
- 13 units are restricted to households earning 80% or less of the AMI.
For example, in Albuquerque:
- 30% of the AMI is $19,200 for a one-person household and $21,960 for a two-person household.
- 50% of the AMI is $32,000 for a one-person household and $36,600 for a two-person household.
- 60% of the AMI is $38,400 for a one-person household and $43,920 for a two-person household.
- 80% of the AMI is $51,200 for a one-person household and $58,560 for a two-person household.
The general contractor is Jaynes Corporation, and the architect is Dekker/Perich/Sabatini.
Farolito is one of 53 active multi-family developments that Housing New Mexico has in various stages of construction across the state, representing approximately $413 million in funding for 5,000 apartment units located in 18 municipalities in 14 counties. The eventual economic impact of all 53 projects once under construction is estimated to generate approximately $1.32 billion in local income and create approximately 16,150 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.