ALBUQUERQUE, N.M. (KRQE) – Millions of dollars are going towards La Serena Apartments, an effort to bring affordable housing to northwest Albuquerque. The community will be open to individuals aged 55 and older.
The New Mexico Mortgage Finance Authority (MFA) approved funds for the project. Federal funds will also go towards the construction which will cost a total of over $31 million. MFA is putting up funding for about 53% of the project, much of which comes from the federal Low-Income Housing Tax Credit.
The project will bring 60 one-bedroom apartments and 40 two-bedroom apartments along with in-unit washers and dryers, a fitness room, and an elevator. There will also be community gardens, private decks, a dog park, and a security gate.
“Considering the large need for affordable housing in the area, La Serena Apartments will be a welcomed addition to the community and will provide quality, safe housing for seniors,” Isidoro Hernandez, the MFA executive director/CEO, said in a press release.
Construction is set to begin later this year. The project leads, the Supportive Housing Coalition of New Mexico and Thomas Development, are expecting construction to end in late 2025.