Two affordable housing developments have been preserved in Albuquerque, New Mexico.
Representatives from the Albuquerque Housing Authority and Housing New Mexico celebrated the reopening of the Veranda and La Plata housing communities.
With a total development cost of approximately $15.3 million, the updated Veranda features 12 two-, 16 three-, five four-, and two five -bedroom units.
Housing New Mexico reported providing approximately $766,000 in 9% low-income housing tax credits (LIHTCs), which are expected to produce about $7.2 million in equity over 10 years, and a $400,000 national Housing Trust Fund loan.
With a development cost of about $12.6 million, La Plata features eight two-, 22 three-, one four-, and one five-bedroom unit.
Housing New Mexico provided approximately $750,000 in 9% LIHTCs, which are expected to produce $6.7 million in equity over 10 years, and a $400,000 national Housing Trust Fund loan.
Both developments boast upgraded community buildings, playgrounds, and community gardens.
“Housing New Mexico is proud of our partnership with Albuquerque Housing and its work with La Plata and Veranda housing communities, as we know these developments will help local families to alleviate the stress of finding safe housing on a limited budget,” said executive director and CEO Isidoro Hernandez.
Income-restricted to households earning up to 30%, 50%, and 60% of the area median income, the communities are developed and managed by the Albuquerque Housing Authority.
“We are thrilled to work with Housing New Mexico to ensure that families in New Mexico have increased access to safe, affordable, quality housing,” said Albuquerque Housing Authority executive director Linda Bridge. “We know that, as families across the state tighten their belts in the face of today’s economy, the need for housing solutions is growing. We’re excited to see these properties updated for the first time in decades, providing better options for low-income families.”