A new 70-unit apartment community called Somos has opened at 7200 Central Ave. SE in Albuquerque’s International District, the city announced Sept. 29.
Fifty-nine apartments are income-restricted and 11 are market rate. Eighty percent of the units are reserved for residents age 55 and older, and the income-restricted units include Universal Design features for aging residents. The ground floor has space for two to three businesses, and the project adds landscaping and lighting along Central and Alcazar.
Financing combined a city land donation and a seven-year, $514,376 tax abatement, a $4 million New Mexico Housing Trust Fund loan, about $1.6 million a year in 9% Low-Income Housing Tax Credits over 10 years, $5.18 million in HUD HOME funds, $1 million in American Rescue Plan Act funds and $158,756 in Community Development Block Grant funds.
“Somos turns a vacant property into housing that people can afford at every stage of life,” Mayor Tim Keller said.