RIO RANCHO, N.M. – Housing New Mexico representatives celebrated the groundbreaking of Sandoval Flats in Rio Rancho on Feb. 5, hosted by Dominium, a leading national affordable housing developer. This development in northeast Rio Rancho will offer 216 new affordable apartment units, including one-bedroom, two-bedroom, three-bedroom and four-bedrooms apartments, and will feature a clubhouse and fitness center, pool and spa, cabanas, ramada, tot lot, barbeque, dog park and other active and passive open space areas.
“Dominium is known for its quality work and innovative approach, which will be evident with the development of Sandoval Flats,” said Housing New Mexico Director of Housing Development George Maestas. “This will be a great addition to the Rio Rancho community, and it will provide affordable, safe housing for over 200 families. Alongside our partners, Housing New Mexico will continue to work toward our vision that all New Mexicans will have quality affordable housing opportunities. This year marks our 50th year of existence, during which time we have helped over 500,000 families in the state.”
Sandoval Flats will serve households with incomes up to 60% of the Area Median Income (AMI). For example, in Rio Rancho/Sandoval County:
- For a two-person household, 60% of the AMI is $41,520.
- For a three-person household, 60% of the AMI is $46,680.
- For a four-person household, 60% of the AMI is $51,840.
Dominium has also been serving the affordable housing industry for 50 years, and this will be its first development in New Mexico.
“The groundbreaking of Sandoval Flats marks a significant milestone for Dominium as we expand into New Mexico with our first new construction effort in the state,” said Dominium Development Analyst Abby Perez. “This development reflects our ongoing commitment to building enduring value, and we are proud to bring 216 high-quality, affordable homes to the Rio Rancho and Albuquerque metro communities. We are grateful for the support of our dedicated stakeholders and development partners, including Housing New Mexico (MFA), without whom this project would not be possible.”
Construction is expected to begin this month, and the anticipated completion date is February 2027.
The Housing New Mexico Board of Directors approved a $3 million New Mexico Housing Trust Fund loan for the development, which will also receive approximately $4.2 million in federal Low-Income Housing Tax Credits, annually – over a 10-year period, which are expected to produce approximately $37.9 million in cash equity.
Sandoval Flats is one of 50 multifamily active developments Housing New Mexico has in various stages of construction across the state representing:
- approximately $69.9 million in annual tax credits
- approximately $180.2 million in Housing New Mexico-issued bonds
- approximately $112.5 million in Housing New Mexico loans and grants
- totaling approximately $362.6 million in combined funding
- consisting of 4,701 apartment units
- located in 20 municipalities in 15 counties across the state
The eventual economic impact of all 50 developments once under construction is estimated to be approximately $549 million in local income and approximately 7,522 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.
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