Community

The Beach, Manzano Vista, and Bluewater Apartments

Location

Scattered Apartment Communities

City

Albuquerque NM

Size

528 units

Estimated Project cost:

$31M

Problem:

18% of the households in Albuquerque have sufficient incomes to afford rents of $400 per month  - Section 8, LIHTC, and other programs provide less than 8% of those households with support.  To turn the tide on the affordable housing problem, the City of Albuquerque developed a nationally recognized program whereby a large percentage of the renters in an apartment community subsidize a small percentage of the renters allowing them to achieve a housing expenses of 30% of their income.

Services Provided:

Market study to the City

Consulting services

Financial Analysis

Market Analysis

Presentation of findings to City Council

Outcome:

The City needed to refinance the existing bonds—a new bond program was developed that gave the City unparralled flexibility, an rock bottom low interest rate (sub 5% floating), and sufficient funds to renovate two of the three properties.