Bernalillo County Commissioners this week approved an ordinance that will breathe new life into a Near North Valley apartment complex.
During its Tuesday meeting, commissioners authorized the issuance of $33 million in project revenue bonds to finance the acquisition and rehabilitation of the 160-unit St. Anthony’s Plaza.
“The housing shortage has become a primary focus, and we have been exploring many creative possibilities to ensure adequate housing is available,” Commissioner Barbara Baca, the measure’s sponsor, said.
Planned exterior upgrades for the complex at Indian School Road NW include Energy Star-rated appliances, LED lighting, new energy-efficient windows and a roof replacement.
The units will also be furnished with vinyl plank flooring and environment-friendly paint, cabinets and counters.
The bonds were issued on behalf of St. Anthony’s Plaza Community Partners LP.
Marcos Gonzales, the county’s executive development officer, said the bonds are among the incentives that make it possible to add new multifamily or senior housing and keep rents at an affordable level. He said supply chain issues, shortages and high prices for construction materials create the need for such incentives.
St. Anthony’s Plaza is applying for low-income housing tax credits and renewed federal Section 8 status.
“Often we see economic development tools, such as project revenue bonds, used to generate new housing stock,” Gonzales said in a county news release. “Applying this tool for the refurbishment and updating of existing affordable housing units is equally important to the quality of life for the residents of our community.”
The deal contains tax abatements that will help finance the project. The county will hold the deed to the property but won’t provide any cash to the developer.