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Economic Development

County Bond Funded Apartment Complex Opens in Downtown Albuquerque

07/27/2018

One hundred seven new apartments opened today in downtown Albuquerque at 8th Street and Silver avenue with the help of the Bernalillo County Commission.

The commission approved $10 million in project revenue bonds in 2014 for the nonprofit Greater Albuquerque Housing Partnership, which built the new Sterling Downtown Apartment Complex. The partnership spent $8.6 million of the allotted monies.

Ninety percent of the apartments will be rent restricted or income based to increase the supply of quality workforce housing in Bernalillo County. Ten percent of the units are not restricted, and 5 percent will be set aside for people with special needs.

“With Sterling Apartments, Bernalillo County continues to be a critical partner in the creation of high-quality, affordable housing for working families,” says County Commissioner Debbie O’Malley. “This infill project represents an investment in our downtown core close to jobs and public transportation.”

By going through the county, the developer was able to access certain local, state and federal tax exemptions.

The bonds are privately financed and utilized no taxpayer dollars.

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