ALBUQUERQUE, N.M. – Housing New Mexico representatives joined Sol Housing representatives and others for the Farolito Senior Community groundbreaking ceremony in northeast Albuquerque Wednesday, Sept. 25.
The new community will serve seniors aged 55 and over whose incomes range from 30%-to-80% of the Area Median Income (AMI). For example, in the Albuquerque Metropolitan Statistical Area (Bernalillo, Sandoval, Torrance and Valencia Counties), 30% of the AMI for a one-person household is $18,150, while 80% of the AMI for a one-person household is $48,400; and 30% of the AMI for a two-person household is $20,760, while 80% of the AMI for a two-person household is $55,360.
Housing New Mexico awarded the community approximately $16.2 million in federal Low-Income Housing Tax Credits over a 10-year period, which are expected to produce approximately $14.2 million in cash equity. The total development cost is approximately $24.6 million, with Housing New Mexico contributing about 57.8% of the financing for the development.
“This community will provide affordable housing for many Albuquerque residents, and we are happy to partner with Sol Housing on this development,” said Isidoro Hernandez, Housing New Mexico Executive Director/CEO. “We all know that affordable housing is needed across the state, and this new community will provide an opportunity for seniors in the area to call Farolito home.”
Developed by Sol Housing on approximately 2.3 acres, the building design of Farolito Senior Community will feature an art deco style of the 1950s combined with a retro Route 66 vibe.
Farolito will offer 72 one-bedroom and 10 two-bedroom apartments, and the community will feature the following amenities:
- Side-by-side washers and dryers within all units
- Free services to residents provided by an on-site service coordinator and First Nations Community Health Source, including health screenings, Medicare/Medicaid enrollment counseling, bi-monthly health and nutrition education programs, and technology training
- Building-wide Wi-Fi connectivity
- Indoor and outdoor community areas
- Dog park
- Pollinator garden
- Self-serve pet washing station
In addition, 10% of the units are designed as Type A-accessible, with all other units being Type B-accessible, as set forth in the International Building Code with the intention to meet or exceed the accessibility requirements found in the Americans with Disabilities Act and the Fair Housing Act. In Type-A units, some elements are constructed for accessibility, some elements are constructed as adaptable, and the units are designed and constructed to provide accessibility for wheelchair users throughout the unit. Type B units are constructed to provide a minimal level of accessibility and intended to be consistent with the Fair Housing Amendments Act. A minimum of 2% of the Farolito units will have provisions for the hearing impaired.
Farolito Senior Community is one of 52 active multifamily developments in 21 municipalities in 15 counties that Housing New Mexico has in various stages of construction across the state, representing approximately $336 million in combined funding and consisting of 4,869 apartment units. The eventual economic impact of all 52 developments once under construction is estimated to be approximately $569 million in local income, and the communities are estimated to create approximately 7,790 jobs.
For more information about Housing New Mexico’s opportunities for developers, please visit housingnm.org/developers.
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