On July 25, the New Mexico Mortgage Finance Authority (MFA) announced they participated in a celebratory ribbon-cutting event at the Broadway McKnight Apartments. This new multifamily property is located in the Santa Barbara Martineztown Metropolitan Redevelopment Area of Albuquerque, according to a press release by MFA.
"We have calculated a shortage of roughly 32,000 housing units across New Mexico, with a majority needed in the Albuquerque area," Jeff Payne, MFA’s chief lending officer, said. "We have calculated a shortage of approximately 32,000 housing units across New Mexico."
The New Mexico Mortgage Finance Authority MFA is going to hand out federal Low-Income Housing Tax Credits (LIHTC) in the amount of $954,720 to a number of affordable housing projects. One of these projects is the $8.8 million Broadway McKnight Apartments project. According to a press statement that was distributed by MFA, the development is pleased to provide 54 units that can be afforded by low-income residents in order to fulfill a requirement in the surrounding community.
Over the past two years, rents in New Mexico have increased by 18%, which is much more than the national average of 14% growth. As a direct consequence of this, the expense of housing has become a burden for a total of 217,000 households.
The Albuquerque Housing Authority undertook renovations to the Broadway McKnight apartments in order to address concerns regarding wear and tear, space limitations and an absence of accessible services. The first 30 apartments of the public housing complex were built in 1972. The existing units are scheduled to be removed, and in their place, 54 new units designed in the form of contemporary townhomes will be constructed on the 3.43-acre land. This will be made possible as a result of an application for 9% Low-Income Housing Tax Credits (LIHTC) submitted through MFA's annual competition round. In accordance with a news release issued by MFA, the revitalized community has become an inseparable component of the historic surrounding area. This is evidenced by the community's adoption of architectural qualities and proportions that are analogous to those of the neighboring dwellings.
All of the structures on the newly developed land have a height of two stories and are designed to conserve energy. Their unit counts range anywhere from one to five. According to a press statement released by MFA, the building consists of 12 homes with one bedroom, 22 homes with two bedrooms, 11 homes with three bedrooms, eight homes with four bedrooms and one home with five bedrooms.
