ALBUQUERQUE, N.M. – Housing New Mexico representatives attended the Calle Cuarta Apartments ribbon-cutting ceremony in Albuquerque Tuesday, Sept. 16, celebrating another affordable housing community in New Mexico.
Housing New Mexico Executive Director/CEO Isidoro Hernandez provided remarks at the ceremony, which was hosted by the developer, YES Housing, Inc.
“We are grateful for our partnership with YES Housing, ultimately bringing more affordable housing to the Albuquerque community,” said Hernandez. “This mixed-use development is innovative and will be a place many families will call ‘home.’ As Housing New Mexico celebrates its 50th Anniversary this year, we reflect on partnerships like this one – and nearly 400 others – that get us closer to all New Mexicans having safe, affordable, quality housing.”
The Housing New Mexico Board of Directors approved the following funding sources for Calle Cuarta Apartments:
- $1 million New Mexico Housing Trust Fund loan
- $915,000 HOME Community Housing Development Organization loan
- $400,000 National Housing Trust Fund loan
- Approximately $1.4 million in 9% Low-Income Housing Tax Credits (LIHTC) annually, which – over a 10-year period – are expected to produce approximately $13.1 million in cash equity
Calle Cuarta is a new 61-unit multifamily development that targets households with children. Amenities include a lobby with a demonstration kitchen, laundry rooms on each floor, a computer lab, social services office, a fitness room, two playground areas, a community garden and a walking trail. Calle Cuarta is a mixed-use development that features non-LIHTC live/work and commercial space located at the ground level of two of the three residential buildings.
“We are excited and proud to announce that our cutting-edge affordable housing and mixed-use complex is nearing completion,” said Yes Housing, Inc. President/CEO Chris Baca. “This development has 61 affordable housing units, four retail spaces and four live/work housing all on a section of 4th Street and Fitzgerald NW. Additionally, 21 units of homeownership through a townhome project on 7th Street NW will be built. This not only helps meet the need for affordable housing but will also provide small business entrepreneurs access to spaces in a vibrant part of the city. At its core, this effort is an example of a community economic revitalization strategy that meets many needs in the near north valley.”
Calle Cuarta will offer eight studios, 26 one-bedroom, 19 two-bedroom and eight three-bedroom apartments.
The 61 apartments will be income restricted as follows:
- 10 units for households earning 30% or less of the Area Median Income (AMI)
- 21 units for households earning 50% or less of the AMI
- 23 units for households earning 60% or less of the AMI
- Seven units for households earning 80% of the AMI
For example, in Albuquerque:
- 30% of the AMI is $21,960 for a two-person household and $24,690 for a three-person household
- 50% of the AMI is $36,600 for a two-person household and $41,150 for a three-person household
- 60% of the AMI is $43,920 for a two-person household and $49,380 for a three-person household
- 80% of the AMI is $58,560 for a two-person household and $65,840 for a three-person household
Calle Cuarta is one of 56 active multifamily developments Housing New Mexico has in various stages of construction across the state representing approximately $415 million in funding for 5,191 apartment units located in 20 municipalities in 14 counties. The eventual economic impact of all 56 projects once under construction is estimated to generate approximately $1.36 billion in local income and create approximately 16,767 jobs.
To learn about Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers. To learn more about Calle Cuarta, visit https://www.yeshousing.org/.