The State of New Mexico has allocated $6 million to support the development of Tierra Linda Apartments, an affordable housing project in Southwest Albuquerque. This funding is part of a larger initiative by the state government, led by the Governor, which involves over $80 million aimed at enhancing affordable housing and addressing homelessness across New Mexico. The announcement was made in collaboration with the City of Albuquerque and Bernalillo County.
DBG Properties, LLC is leading the project development, while Mission Rock Residential will manage the property. Eric Grodahl, Principal at DBG Properties, emphasized the importance of this funding: "Tierra Linda will deliver high-quality, family-focused homes that Albuquerque residents can afford," he said. He also noted that the allocation is crucial for advancing a significant pipeline project during a time when families are seeking relief.
The Tierra Linda community will be located at 3450 98th St S., designed to be entirely affordable for those earning up to 60% of the Area Median Income. It is expected to be operational by 2027. Meredith Wright, President at Mission Rock Residential, said: "Mission Rock is proud to partner with DBG on a community that directly addresses Albuquerque's urgent need for attainable housing."
Several partners are involved in supporting Tierra Linda, including NewPoint and the New Mexico Mortgage Finance Authority as lenders, with Affordable Housing Partners serving as an equity partner. Earlier this year, Bernalillo County Commissioners approved up to $55 million in Project Revenue Bonds for Tierra Linda.
DBG Properties has extensive experience in developing affordable housing across the Western U.S., focusing on complex financing structures and public-private partnerships. The company aims to meet state housing needs while creating long-term neighborhood value through projects like Tierra Linda.
For more information about this initiative and related announcements from the City of Albuquerque and Bernalillo County, visit their official website: https://www.cabq.gov/health-housing-homelessness/news/albuquerque-bernalillo-county-to-receive-major-housing-investment
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