Thomas Development Company and state and local officials recently marked the commencement of a new affordable housing complex, the San Roque apartments. The 136-unit multi-family complex will be situated on Coors Boulevard NW, positioned between Los Volcanoes Road NW and Bluewater Road NW in Bernalillo County, according to an Aug. 22 news release.
“With the increased economic development comes the increased need to ensure our workforce has access to affordable housing amenities that turn a development, into a community,” Bernalillo County Board of Commissioners Chair Barbara Baca said in the news release. “It is both exciting and inspiring to see this project take shape.”
The board of commissioners granted approval for project revenue bonds, a mechanism aimed at extending tax-exempt financing to Thomas Development Company in 2022. Totaling up to $34.5 million, the bonds were designated to cover various costs like land acquisition, construction and equipment expenses tied to a completely affordable family apartment community initiative, the release reported.
The project revenue bonds result in Bernalillo County having to pay bondholders directly and don't add debt to the county. Additional financial support for the San Roque apartments came through the involvement of the New Mexico Mortgage Finance Authority, according to the news release.
The commission also received a proposal for project revenue bonds concerning La Serena Apartments, a housing community designated for individuals aged 55 and above. This complex, situated adjacent to San Roque, focuses on offering affordable housing options, the release said.
Originating in Boise, Idaho, Thomas Development Company was established in 1990 by Thomas C. Mannschreck with a portfolio of developed and renovated commercial properties and the establishment of more than 4,000 apartment homes. The company integrates energy-efficient, environmentally conscious and resilient design, construction and methodologies into all newly constructed and refurbished structures, according to the company's website.