ALBUQUERQUE, N.M. – Housing New Mexico representatives attended the Somos Apartments groundbreaking ceremony in Albuquerque’s International District Wednesday, June 4, 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 Sol Housing, a non-profit Community Housing Development Organization dedicated to building a better Albuquerque.
“This unique mixed-use development will be a welcome addition to the International District,” said Hernandez. “Housing New Mexico is proud to have provided funding for this community, and we value our partnership with Sol Housing as we work together to provide affordable housing opportunities to New Mexicans.”
The Housing New Mexico Board of Directors approved the following funding sources for Somos apartments:
- a $4 million New Mexico Housing Trust Fund loan
- Approximately $1.6 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $13.8 million in cash equity
The land for the development was donated by the City of Albuquerque’s Metropolitan Redevelopment Agency (MRA). The city’s funding for this project includes three awards from two separate grants: $1 million in American Rescue Plan Funding and over $5.1 million in HOME funding from the U.S. Department of Housing and Urban Development. To support long-term affordability and reinvestment, Somos was also approved for MRA’s Redevelopment Tax Abatement Program, which freezes the increase in property taxes for seven years.
Somos is a mixed-use development with 70 one-bedroom apartments and leasable commercial space on the ground floor for local small businesses and nonprofits. Of the 70 apartments, 59 are affordable housing units reserved for residents aged 55 and older, and 11 are market rate. Amenities include an on-site pantry, fitness room, private area for service dogs and pets, as well as a community space.
The 59 affordable apartments will be income restricted as follows:
- 21 units for households earning 30% or less of the Area Median Income (AMI)
- 14 units for households earning 50% or less of the AMI
- 24 units for households earning 60% or less of the AMI
For example, in Albuquerque and Bernalillo County:
- 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
Somos is one of 51 multifamily active projects Housing New Mexico has in various stages of construction across the state representing approximately $370.3 million in funding for 4,882 apartment units located in 19 municipalities in 14 counties. The eventual economic impact of all 51 projects once under construction is estimated to generate approximately $1.29 billion in local income and create approximately 15,769 jobs.
To learn about Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.