ALBUQUERQUE, N.M. — The Bernalillo County Commission has approved two affordable housing developments that are expected to add 156 apartments and townhomes in northeast Albuquerque, while also supporting hundreds of construction jobs.
The projects, Casa Marabella and Parkside Apartments, were approved Tuesday as part of an effort to expand housing options for working individuals and families.
The larger of the two developments, Casa Marabella, will be built near the southeast corner of Alameda Boulevard and Barstow Street Northeast.
The project calls for the construction of 90 residential units, including a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments and townhomes. The development is intended for households earning approximately 80% to 100% of the area median income, allowing residents access to lower rental rates.
The project is being developed by Emergent Development, LLC and received approval for $12 million in non-project revenue bond financing, which includes a 30-year property tax abatement.
County officials said the agreement will provide Bernalillo County with annual payments of approximately $16,667, totaling more than $500,000 over 30 years.
Construction is expected to cost about $23 million and support roughly 120 construction jobs.
The second project, Parkside Apartments, will be located near the intersection of Paseo del Norte and Wyoming Boulevard.
The development will include 66 energy-efficient one- and two-bedroom apartments designed for working households at below-market rental rates based on area median income.
Developer Snyder Construction, LLC received approval for more than $8 million in non-project revenue bond financing, including a 30-year property tax abatement.
In return, the county will receive annual payments of approximately $11,410, generating more than $342,000 over the life of the agreement.
The project carries a construction cost of more than $16 million and is expected to support another 120 construction jobs.
County officials say the developments are intended to address the growing demand for affordable housing while encouraging private investment.
Commissioner Walt Benson, whose district includes the project sites, said property tax incentives help make workforce housing developments financially viable in today’s market.
“By combining private investment with property tax exemptions, workforce affordable housing projects such as these can be completed,” Benson said in a statement. “The Casa Marabella and Parkside Apartments projects will encourage more development in the area and represent an investment in our local economy through construction jobs and private investment into other local businesses.”
Combined, the two developments represent nearly $40 million in construction investment, will create 156 housing units, and are expected to support approximately 240 construction jobs.
