ALBUQUERQUE, N.M. – Housing New Mexico representatives attended the grand opening of Route 66 Flats in Albuquerque today, celebrating affordable housing opportunities for the special needs population. Developed by BlueLine Development and High Desert Housing Corporation, Route 66 Flats is a new construction of 48 apartment homes on historic Central Avenue.
The Housing New Mexico Board of Directors approved the following funding sources for Route 66 Flats:
- $1,701,121 grant from the HOME-American Rescue Plan (Homeless and At-Risk of Homelessness Rental Housing Program)
- Approximately $1.4 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $12.5 million in cash equity
“In this centennial year of Route 66, we’re excited to add new affordable housing opportunities to the historic corridor here in Albuquerque,” said Housing New Mexico Chief Lending Officer Jeff Payne. “This development’s positive impact on residents will last well beyond the Route’s 100th birthday and provide much needed housing on Central Avenue.”
Route 66 Flats consists of 47 one-bedroom apartment units and one on-site manager’s unit. The development features an enclosed courtyard with a barbecue grill, patio seating and green space, as well as a large community garden, a communal laundry area, meeting space, offices for supportive services, and dining and lounge space.
“Homelessness isn’t just about losing a roof, it’s about losing a chance,” said High Desert Housing, Inc. Executive Director Kara Summers. “And when we build places like Route 66, we’re not just putting up walls—we’re putting opportunity back in reach. That’s what Route 66 is. It’s not a stopgap. It’s not a bandage. It’s a cornerstone.”
Route 66 Flats is income-restricted to households earning 30% or less of the Area Median Income (AMI). For example, in Albuquerque, 30% of the AMI for a one-person household is $19,200, and 30% of the AMI for a two-person household $21,960.
Route 66 Flats is one of 53 active multifamily 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.