Home New mexico tax Developer rehabilitates affordable housing – Albuquerque Journal

Developer rehabilitates affordable housing – Albuquerque Journal


Copyright © 2021 Albuquerque Journal

A national real estate developer is making progress in efforts to modernize more than 650 affordable housing units in rural New Mexico while ensuring they stay in the affordable housing pipeline.

Affordable housing developer Community Preservation Partners has announced the closing of the last of three phases of a long-term project to renovate 654 units in 20 properties in 10 counties in New Mexico. The latest phase includes 218 units in affordable housing complexes in Las Vegas, Portales, Artesia, Belen and Ruidoso Downs.

While affordable housing in growing urban areas often receives more attention, Karen Buckland, vice president of development for RPC, said remodeling existing projects in rural communities will help keep these properties available. existing residents and prevent displacement in a changing national landscape.

“Often in these rural communities, these affordable housing projects shelter the poorest of the poor,” Buckland said. “If they are ultimately kicked out, then they really have nowhere to go.”

Statewide, the median selling price of a single-family home in New Mexico was $ 270,000 in August, up from $ 232,000 at the same time in 2020, according to data from the Association of Realtors. from New Mexico. Only four counties in New Mexico recorded year-over-year declines in median selling prices.

Buckland said rising costs in urban areas have pushed some residents to smaller communities, which in turn reduces the supply of housing and displaces residents who already live in those communities. The COVID-19 pandemic and the corresponding increase in remote working has exacerbated this trend, Buckland said.

“COVID has truly been an eye opener for a lot of communities,” she said.

Buckland added that it can be particularly difficult in rural communities for affordable housing projects to attract funding from investors. For this reason, CPP, the development arm of affordable housing investor WNC & Associates, is trying to bundle housing projects to make them more attractive to investors.

Buckland said the overall New Mexico portfolio cost around $ 63 million, which was paid off through a mix of bonds, loans and tax credits.

Each of the units will receive new windows, energy-efficient appliances and plumbing, as well as new cabinetry and flooring, Buckland said. The complexes will also receive new equipment for common areas, including play equipment, benches and gazebos.

Buckland said she hopes the projects will be completed by next August. Buckland said current residents will not be relocated permanently, but noted that RPC may pay for residents to stay in hotels or with friends and family while construction takes place in their units.