Albuquerque, N.M. – June 25, 2010 – (RealEstateRama) — New Mexico’s first micro-efficiency apartment complex officially opened at 11:30 a.m. CST in downtown Albuquerque today. Downtown@700-2nd, a 72-unit $13 million green affordable rental community, is home to formerly homeless persons, those with special needs, retirees and lowwage workers, as well as market-rate residents. Located on a former brownfield at Lomas and 2nd Street, this award-winning infill project is an urban workforce model that will provide on-site support services to residents and access to jobs and transportation.
“Integrating these units into a diverse resident community illustrates a proven people- and business- friendly way out of Albuquerque’s struggle to finally address homelessness” said Mark Allison, Executive Director of the Supportive Housing Coalition of New Mexico, the project developer and owner. “We expect this property to change the public’s perception of what affordable housing means.”
Opened in March and now 90 percent full, Downtown @ 700-2nd provides fully-furnished units to residents, and has a café, community garden and on-site space for service providers. The property is pedestrian friendly with links to bike routes, buses and the Rail Runner commuter train. Government offices, public library, restaurants, shops, services and several of Albuquerque’s largest employers are within walking distance.
“Not only is Downtown @ 700-2nd an important part of the revitalization of downtown Albuquerque, it is providing the services and access residents need to improve their lives,” said Lt. Governor Diane Denish, chairwoman of the Mortgage Finance Authority (MFA) board, one of the project’s major funders. “This project is a great example of the innovative things MFA is doing to make sure all New Mexicans have safe, affordable housing.”
MFA awarded the project more than $8 million with Enterprise Community Investment (Enterprise) providing the equity through the Low-Income Housing Tax Credit (LIHTC) program. Additional funding for the property included approximately $400,000 by the Tax Credit Assistance Program, part of the American Recovery and Reinvestment Act of 2009. Land for Downtown@700-2nd was donated by the city of Albuquerque, which also provided $2.6 million in funding through the Workforce Housing Trust Fund. The city trust funds were leveraged to bring in an additional $10 million in capital from outside Albuquerque to put in the downtown core, approximately 70 percent of that from private equity.
“This week Enterprise co-released a report that shows how affordable housing development fuels economic gains in distressed neighborhoods,” said Ed Rosenthal, vice president and director of the National Rural and Native American Initiative, Enterprise Community Partners. “That is why, like the other partners in this project, we are committed to ensuring affordable housing is a core component in the rebuilding of downtown Albuquerque. With the support of politicians like Senator Bingaman, we can continue to help provide these homes supported by the Low-Income Housing Tax Credit program in New Mexico and beyond.”
An Enterprise Green Communities certified property, Downtown @ 700-2nd had earned numerous sustainability awards, including the 2010 New Mexico USGBC Green Built Tour Awards for Exemplary Water Performance and Outstanding Site Utilization; first place in the 2010 the New Mexico Chapter of the American Planning Association for Innovation in Planning for Redevelopment and Housing and the 2008 MFA statewide design competition award.
“Every New Mexican family deserves a safe place to call home,” said Richard J. Berry, mayor of Albuquerque. “Providing affordable housing is an essential part of government. With each home we open we chip away at the homeless problem; we ensure children, seniors, low-income families and the disabled have safe places to live; and we improve the quality of life in Albuquerque.”
Downtown @ 700-2nd conserves natural resources by incorporating cutting-edge sustainable design features, including roof top solar collectors for domestic hot water and space heating, domestic grey water recycling and rooftop water catchment for landscape use. The predicted energy performance indicates that the building will reduce baseline energy consumption by over 51 percent compared to an equivalent traditionally constructed building. The building was designed by Dekker Perich Sabatini and Garret Smith Architects and constructed by general contractor Global Structures, Inc.
Based in Albuquerque, the Supportive Housing Coalition of New Mexico is a private, social profit affordable housing development organization that specializes in the development, ownership and management of supportive housing. Other new construction projects recently completed include 15 units in Las Vegas and Silver Gardens, a 66-unit project also in downtown Albuquerque, constructed in partnership with Romero-Rose, LLC.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
For additional information, including leasing opportunities please see www.downtown700-2nd.com.