A vacant lot on East Central Avenue, near the corner of Alcazar Street, has turned into 70 new homes for Albuquerque seniors.
Sol Housing celebrated the grand opening of Somos Apartments on Tuesday, Sept. 29, with speakers, a ribbon cutting and tours. According to Housing New Mexico, the four-story, wood-framed building at 7200 Central Avenue includes 70 one-bedroom units for people 55 and older, plus commercial space for local businesses.
"We are proud to partner once again with Housing New Mexico to transform a vacant lot into 70 beautifully designed homes for seniors and veterans," said Felipe Rael, Sol Housing's executive director.
Who it serves
Somos is income-restricted to households earning up to 30%, 50% or 60% of the area median income. For a one-person household in Albuquerque, that works out to $21,090, $35,150 or $42,180 a year.
Rael said seniors on fixed incomes have been hit hard as rents have climbed.
"As rents have risen rapidly in our state, households on fixed income have too often had to make tough choices in regard to shelter, food and medical care," he said. "Unfortunately, these choices have left our senior households cost burdened, hungry and lacking care they need to live their best life."
He said the project has "beautified the streetscape along Central and Alcazar."
The building comes with a long list of amenities. There's a two-story lobby with controlled access, a large community room and lounge, a kitchen, a fitness room and furnished lounges. Residents get indoor secure bike parking, a 24-hour mail and parcel center, electric vehicle charging stations and a dedicated parking space for rideshare pickups. Outside are raised garden beds and an exercise park for service dogs and pets. Inside the units, the appliances are ENERGY STAR-rated.
How it was paid for
The Housing New Mexico board approved about $1.6 million a year in 9% Low-Income Housing Tax Credits, which are expected to produce about $13.6 million in cash equity over 10 years. The agency also approved a $4 million New Mexico Housing Trust Fund loan.
Additional funding came from the City of Albuquerque, Bank of Oklahoma and Raymond James.
"Housing New Mexico is proud to partner with Sol Housing on this affordable community for seniors in Albuquerque, as it will help provide many people with a safe, quality home," said Isidoro Hernandez, the agency's executive director and CEO.
Somos is one of 62 active multifamily developments that Housing New Mexico has in various stages of construction across the state, the agency said. Together, those projects represent more than $463 million in funding for 5,522 apartments in 21 cities and towns across 15 counties.
Why it matters for Contractors
Somos is a good example of the kind of building that's becoming a staple for affordable housing: four stories of wood framing, with commercial space on the ground floor, built on an infill lot along a major corridor. That type of building keeps framers, roofers, stucco crews, window installers, MEP trades, drywall and finish contractors busy for a long stretch.
The amenity list also shows how much finish and specialty work goes into a modern affordable project. EV chargers, controlled access, a parcel center, a fitness room and outdoor pet and garden areas all bring in electricians, low-voltage and security contractors, landscapers and specialty installers.
Housing New Mexico's release doesn't name a general contractor, and we haven't found a free primary source that confirms one, so we aren't naming one here.
The bigger number for contractors is the pipeline. With 62 active developments and more than 5,500 apartments in various stages of construction statewide, there's plenty of tax credit work in New Mexico right now. Contractors who are comfortable with the paperwork and compliance that come with tax credit deals have a steady stream of jobs to chase. The agency says those 62 projects are expected to create about 17,836 jobs and generate about $1.46 billion in local income once they're all under construction.
Rael pointed out that Sol Housing has now partnered with Housing New Mexico more than once, and Somos turned an empty lot into a busy building. Subs who want in on the next one should get to know the affordable housing developers working along Central.