A 70-unit affordable housing community has brought new options to seniors in Albuquerque, New Mexico.
Developed by Sol Housing, Somos Apartments has opened for residents 55 and older earning up to 30%, 50%, and 60% of the area median income. The four-story building also has commercial space for local businesses.
“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 Felipe Rael, executive director of Sol Housing. “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.”
Housing New Mexico has awarded approximately $1.6 million in 9% low-income housing tax credits, which is expected to produce approximately $13.6 million in cash equity for 10 years. The state housing agency is also providing a $4 million New Mexico Housing Trust Fund loan.
Other funding partners include the city of Albuquerque, Bank of Oklahoma, and Raymond James Affordable Housing Investments.
“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 Isidoro Hernandez, executive director and CEO. “We are appreciative of the support that affordable housing efforts and programs receive from Gov. Michelle Lujan Grisham, our legislators, and local leaders.”
Somos was among 62 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, according to Housing New Mexico.