Housing New Mexico Celebrates Groundbreaking of Route 66 Flats in Albuquerque
ALBUQUERQUE, N.M. –Albuquerque residents will have another affordable housing option with the construction of Route 66 Flats, a new development in the northwest part of the city. Housing New Mexico | MFA representatives, along with various partners, gathered for the groundbreaking ceremony on Aug. 7.
Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), awarded the community approximately $14.2 million in federal Low-Income Housing Tax Credits over a 10-year period, which are expected to produce approximately $12.5 million in cash equity. Housing New Mexico also provided $1.7 million in HOME American Rescue Plan funding.
The total development cost is approximately $16.6 million, with Housing New Mexico contributing about 85% of the financing for the development.
“Route 66 Flats will not only provide housing, but it will offer services for households experiencing or exiting out of homelessness and for extremely low-income households,” said Jeff Payne, Housing New Mexico Chief Lending Officer. “We are appreciative of all our partners, contributors and supporters who made this a reality.”
Developed by BlueLine Development, Inc. on a 2-acre site, Route 66 Flats will be managed by High Desert Housing and BlueLine Property Management and will target low-income individuals. Route 66 Flats will offer 47 one-bedroom units with an average size of 501 square feet, and one two-bedroom unit totaling 775 square feet. The property will feature:
- Enclosed courtyard with barbecue, patio seating, and green space
- Large community garden
- Communal laundry facility
- Meeting space and office space
- Dining and lounge areas
Route 66 Flats is the 11th development by local nonprofit High Desert Housing. The City of Albuquerque Workforce Housing Trust Fund supported the development with $1.7 million, and Albuquerque Health Care for the Homeless will provide on-site services to residents.
For more information about Housing New Mexico’s opportunities for developers, please visit housingnm.org/developers.
Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), was created in 1975 by the New Mexico State Legislature to provide quality affordable housing opportunities for all New Mexico residents. As the state’s housing authority, New Mexico Mortgage Finance Authority/Housing New Mexico uses housing bonds, tax credits and other federal, state and private resources to fund more than 40 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, Housing New Mexico’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs which has provided over 500,000 families with affordable housing and services since its inception.
To learn more about Housing New Mexico, visit www.housingnm.org.
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