By Jesse Jones, The Paper. — In Albuquerque’s Northeast Heights, an area known for its high-value homes and good schools, middle-income workers can find themselves priced out of living near the communities they serve.
On Oct. 27, the Bernalillo County Commission approved two ordinances sponsored by Commissioner Walt Benson granting 30-year property tax breaks to District 4 workforce housing developments. Casa Marabella will cost an estimated $23.7 million to build, adding 54 apartments and 36 townhomes at Alameda Boulevard and Barstow Street Northeast for households earning 80% to 120% of the area median income. The $16.2 million Parkside Apartments will add 66 units on Carmel Avenue NE, near Paseo del Norte and Wyoming Boulevard, for households making 80% to 100% of the area median income. Both projects receive a 96% property tax break over 30 years, saving Casa Marabella about $12 million and Parkside $8.57 million. In return, Casa Marabella will pay the county $16,668 annually and Parkside $11,411. Together, they will create about 240 construction jobs.
Photo by Roberto E. Rosales/City Desk Abq.
Commissioner Eric Olivas voted against Casa Marabella in a 4-1 decision, warning that waiving 96% of property taxes for 30 years could burden future generations without giving the county an equity stake. Benson said the tax abatements support “missing middle” housing and create construction jobs without direct public capital spending. Zach Snyder, CEO of Snyder Construction, the developer behind Parkside Apartments, praised the county’s Non-Project Revenue Bond program during public comment. He said the county had facilitated the development of 912 affordable housing units in 120 days. “There’s no other program within the entire state that has done what you guys have done in the last 120 days,” Snyder told commissioners. Snyder told commissioners, adding that if the program remains in place, he believes it will continue to address the area’s affordable housing problems. Olivas voted for Parkside but urged commissioners to scrutinize future exemptions. Parkside passed unanimously.
Under Bernalillo County’s Non-Project Revenue Bond program, the county takes ownership of properties and leases them back to developers to qualify them for tax exemptions without issuing bonds or backing loans. In exchange, developers pay annual fees and agree to maintain affordable rents throughout their 30-year leases. While Casa Marabella and Parkside received 96% exemptions under an earlier fee schedule, the county is shifting toward a standard 85% exemption with fees equal to 15% of property taxes.
Both developers have 180 days from approval to complete closing documents and other requirements before their authorizations expire. Construction on the two projects is expected to begin before the end of the year, with Parkside scheduled for completion in December 2027 and Casa Marabella in February 2028.
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