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County Commission Approves Revenue Bonds for New Workforce Housing Development

01/09/2019

Bernalillo County Commissioners approved the issuance of $8 million in multi-family housing revenue bonds for the Valle del Rio Apartments in the southwest part of the county.

Residents eligible for workforce housing can live in this 58-unit affordable housing project which will be located near Bridge Blvd. and Orchard Garden Rd.

“This will give low and moderate income, working seniors, a new housing option in the south valley, says Commissioner Steven Michael Quezada. “This is a great use of a space that had rundown, dilapidated, boarded up apartments that can now be a viable nice-looking apartment complex.”

It’s estimated the project’s construction will generate $15 million in economic impact from construction activity, support 113 direct and indirect jobs, and generate $5 million in direct and indirect construction salaries for area workers.

Project Revenue Bonds are issued by the county and backed by investors. The bonds are repaid through income from the financed project.

The bonds were approved by the commission by a 4 to 0 vote. Commissioner Talbert was excused from the meeting.

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  • NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, will be held on behalf of the Board of County Commissioners of Bernalillo County, New Mexico (the “County”) on April 23, 2019 at 2:00 p.m. local time, at the offices of Sherman & Howard L.L.C., 500 Marquette Avenue Northwest, Suite 1203, Albuquerque, New Mexico 87102, in connection with the issuance by the County of its tax-exempt Multifamily Housing Revenue Bonds (Marbella Apartments Project), in the maximum aggregate principal amount of not to exceed $11,000,000 (the “Bonds”).
    Location:
    Sherman & Howard L.L.C., 500 Marquette Avenue Northwest, Suite 1203, Albuquerque, New Mexico 87102
    Time:
    4/23/2019 2:00 PM

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