Bernalillo County approves revenue bonds for Casitas de Camino affordable housing project

The Bernalillo County Commission made a significant move towards enhancing affordable housing during its recent administrative meeting, approving a project revenue bond ordinance for the Casitas de Camino development. Executive Development Officer Gonzales presented the proposal, emphasizing its critical role in facilitating the construction and refurbishment of 88 housing units in Albuquerque.

The ordinance will enable the Albuquerque Housing Authority to issue $16.5 million in bonds, a vital economic development tool that provides tax exemptions and supports the financial framework of the project. This initiative includes the renovation of 42 existing units and the construction of 46 new units, with a portion designated for families in need.

Gonzales highlighted that without the bond issuance, the project would not be feasible, as it relies on 4% low-income housing tax credits and volume cap from the State Board of Finance. The bonds will have a 30-year term, with annual payments of $16,500 to the Economic Development Department.

Commissioner Frank Baca raised questions about the project’s structure, confirming that the land for the new construction is already owned by the Albuquerque Housing Authority and that the project has undergone extensive neighborhood outreach.

This approval marks a crucial step in addressing the affordable housing crisis in Bernalillo County, paving the way for much-needed housing solutions in the community. The commission's decision underscores its commitment to supporting initiatives that enhance living conditions for residents.