A committee working under the authority of the Albuquerque City Council has voted in favor of contributing land to a project that could see the construction of around 60 affordable rental units.
The project, which will also include the building of nearly two dozen townhomes, will go up on a currently empty lot at 3525 Fourth Street NW.
A portion of the site backs into a neighborhood of mostly one-story residential structures.
According to plans, up to a third of the townhomes will be set aside for below median income residents.
In voting to contribute the land, the Finance and Government Operations Committee also agreed to kick in $3.5 million from the City’s Workforce Housing Trust Fund for the project.
According to city documents, what is officially being called Calle Cuarta entails a development agreement between the City of Albuquerque and the non-profit Yes Housing Incorporated, which is dedicated to developing affordable housing throughout the metro area.
Units in the project, which ultimately may qualify for a housing tax credit early next year through the New Mexico Finance Authority, are intended for ownership.
The funding for the project agreed to by the committee must now win the final approval of the Albuquerque City Council.
By Garry Boulard
