ALBUQUERQUE, N.M. – Housing New Mexico representatives attended the grand opening of Encino Gardens Apartments in Albuquerque on Tuesday, celebrating the addition of affordable housing inventory. Located at 412 Alvarado Dr SE, the revitalized community will provide housing for individuals aged 62 and older or disabled.
The acquisition and rehabilitation of Encino Gardens was made possible in part by various Housing New Mexico funding sources, including a loan in the amount of $2 million from the New Mexico Housing Trust Fund and a loan in the amount of $800,000 from the HOME program, a federally funded program under the U.S. Department of Housing and Urban Development (HUD).
Housing New Mexico also approved funding for this project from the federal Low-Income Housing Tax Credit program, providing approximately $15.5 million in tax credits over a 10-year period, which are expected to produce approximately $13.27 million in cash equity for the development.
“With the grand opening of Encino Gardens, we’re celebrating more than just another development,” said Jeff Payne, Housing New Mexico Chief Lending Officer. “We’re celebrating affordable, safe and accessible housing for our neighbors, friends and family members. We are incredibly grateful to all who have worked to make this a reality–from our elected officials who support affordable housing initiatives to community leaders, Encino Development & Management, our lending partners and our amazing community.”
Encino Gardens will be income-restricted to households earning up to 30%, 50% or 60% of the Area Median Income (AMI). For example, for a one-person household in Albuquerque:
- 30% of the AMI is $21,090
- 50% of the AMI is $35,150
- 60% of the AMI is $42,180
Bernalillo County also provided support for the project with partial tax abatement through $19.2 million in Bernalillo County Tax Exempt Multifamily Housing/ Project Revenue Bonds.
HUD approved a 20-year HUD Housing Assistance Payments Contract (Section 8 tenant-based assistance) for 100% of the units, providing Encino Gardens’ residents affordable housing until 2044.
Acquired and rehabilitated by Encino Development & Management, Inc., the community consists of 165 units on 2.6 acres.
“As a nonprofit organization dedicated to overseeing low-income and affordable housing properties for seniors and disabled individuals, Encino Development & Management, Inc. is proud to be a part of the Encino Gardens rehabilitation project,” said Christina Stanley, Encino Development & Management, Inc. Executive Director. “This project perfectly encapsulates what we’re about and how we aim to help improve the lives of those we serve. With the updates, Encino Gardens will now provide over 40 years of affordable, safe housing inventory for low-income seniors.”
Managed by Monarch Properties, Inc., Encino Gardens consists of 46 studio units, 118 one-bedroom units and one non-revenue generating manager’s unit. The property also features:
- Office space
- Kitchenette
- Indoor/outdoor dining areas
- Indoor/outdoor community areas
- Fitness facility
- Laundry facilities, and
- Two elevators
The rehabilitation included all resident units, corridors, interior common-use amenity spaces, mechanical systems, lighting fixtures, plumbing fixtures and exterior common-use amenity areas of the site. The installation of a solar parking canopy, LED fixtures, Energy Star appliances and low-flow faucets and shower heads will help achieve reduced energy and water consumption. The renovation also will provide additional amenities to encourage outdoor activities. A full-time service coordinator will arrange resident activities and provide needed resident assistance.
For more information about Housing New Mexico’s Housing Development opportunities, please visit housingnm.org/developers.