ALBUQUERQUE, N.M. – Housing New Mexico representatives attended the grand opening for Somos Apartments in Albuquerque Tuesday, celebrating new affordable housing opportunities for seniors in the area. Sol Housing hosted the event, which featured guest speakers, a ribbon-cutting and tours.
Located at 7200 Central Avenue and serving seniors aged 55 years and older, the mixed-use development includes 70 one-bedroom units in a four-story, wood-framed building. The building will also include commercial space for local businesses.
The Housing New Mexico Board of Directors approved the following funding sources for Somos Apartments:
- Approximately $1.6 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $13.6 million in cash equity.
- $4 million New Mexico Housing Trust Fund Loan
Housing New Mexico Executive Director/CEO Isidoro Hernandez provided remarks at the event.
“Housing New Mexico is proud to partner with Sol Housing on this affordable community for seniors in Albuquerque, as it will help provide many people with a safe, quality home,” said Hernandez. “We are appreciative of the support that affordable housing efforts and programs receive from Governor Michelle Lujan Grisham, our legislators and local leaders.”
Somos Apartments 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
Sol Housing Executive Director Felipe Rael provided opening remarks at the ceremony.
“We are proud to partner once again with Housing New Mexico to transform a vacant lot into 70 beautifully designed homes for seniors and veterans,” said Rael. “As rents have risen rapidly in our state, households on fixed income have too often had to make tough choices in regard to shelter, food and medical care. Unfortunately, these choices have left our senior households cost burdened, hungry and lacking care they need to live their best life. We value our partnership with the dedicated folks at Housing New Mexico to build a better Albuquerque on developments like Somos which leveraged the federal tax credits and Housing Trust Fund funds into a mixed-use, mixed-income community that has beautified the streetscape along Central and Alcazar.”
Amenities at the development include:
- Two-story lobby with controlled access and a large community room and lounging area
- Kitchen
- Indoor secure bike parking area
- 24-hour mail and parcel center
- Fitness room
- Furnished lounges
- Electric vehicle charging stations
- Dedicated parking space for rideshare vehicles
- Raised garden beds
- Exercise park for service dogs and pets
- ENERGY STAR-rated appliances
Additional funding for Somos was provided by the City of Albuquerque, Bank of Oklahoma and Raymond James.
Somos is one of 62 active multifamily developments that Housing New Mexico has in various stages of construction across the state, representing over $463 million in funding for 5,522 apartment units located in 21 municipalities in 15 counties. The eventual economic impact of all 62 projects, once under construction, is estimated to generate approximately $1.46 billion in local income and create approximately 17,836 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.