BernCo commission approves tax exemption of senior housing

Bernalillo County, NM (KKOB) — Bernalillo County Commissioners approved a project revenue bonds request for La Serena Apartments, a senior affordable housing complex for persons 55 years or older. The 100-unit apartments will neighbor the San Roque multi-family affordable housing apartments being constructed on Coors Blvd NW between Los Volcanes Road NW and Bluewater Road NW.

The project revenue bonds will provide tax-exempt financing to the Supportive Housing Coalition of New Mexico and Thomas Development Co. for land acquisition, construction and equipment for the 100% affordable senior apartment community not to exceed $20 million.

“Affordable senior housing is so important in Albuquerque and Bernalillo County. The development of La Serena apartments on the West Side near Los Volcanes Senior Center is another example of the efforts being made to address the housing crisis in our community,” says Commission Chair Barbara Baca.

Project revenue bonds are issued to provide financial assistance to economic development projects that show significant benefits to Bernalillo County. Although the county is the issuer, project revenue bonds do not constitute a debt to the county, instead the company is responsible for payment directly to the bondholders.

Other funding for the project was provided by the New Mexico Mortgage Finance Authority, State Board of Finance and the City of Albuquerque.

The project revenue bonds were approved on a 4 to 0 vote. Commissioner Steven Michael Quezada was excused.