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New BernCo Housing Nonprofit Signs First Agreement

01/23/2019

Bernalillo County Commissioners have approved the transfer of $500,000 to the newly created Bernalillo County Affordable Housing Nonprofit.

The Bernalillo County Affordable Housing Nonprofit has entered into a memorandum of understanding with DBG Properties to build the Valle del Rio senior apartments on Bridge Boulevard, just west of the Rio Grande.

“The county has approved project revenue bonds for this project and the nonprofit will ensure that the monies are spent as intended, says Bernalillo County Affordable Housing Nonprofit Executive Director Betty Valdez. “This is the first of what the county hopes will be many projects for our working class and seniors.”

Valdez is also the director of the Housing Department for Bernalillo County and will have signatory authority to execute project documents and other applications of the project, as necessary.

“The creation of the housing nonprofit gives the county another tool in its financing toolbox to enable fair and equitable housing opportunities, says Commissioner Steven Michael Quezada. “The county can now work hand-in-hand with the developer to maximize affordability and financing opportunities for the project.”

Residents eligible for senior housing can live in this 58-unit affordable housing project which will be located near Bridge Boulevard. and Orchard Garden Rd.

It’s estimated the project’s construction will generate $15 million in economic impact from construction activity, support 113 direct and indirect jobs, and generate $5 million in direct and indirect construction salaries for area workers.

The Bernalillo County Affordable Housing Nonprofit will oversee the use of, up to, $8 million in multi-family housing revenue bonds.

The funds transfer to the Bernalillo County Affordable Housing Nonprofit was approved on a 5 to 0 vote.

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