Extra reasonably priced housing opens downtown »Albuquerque Journal

The aptly named Cuatro Apartments on Fourth Street are a newly opened, affordable residential complex for senior citizens. (Courtesy New Mexico Mortgage Finance Authority)

ALBUQUERQUE, NM – The Greater Albuquerque Housing Partnership celebrated the opening of an affordable housing development in downtown Albuquerque on Tuesday, providing 56 homes for low-income seniors and those with special needs.

The Cuatro was completed for nearly $ 13 million and is located at 1319 Fourth Street NW between Kinley and Summer.

“Today is a celebration of the current and future residents who call Cuatro home,” said Felipe Rael, executive director of Greater Albuquerque Housing Partnership, a nonprofit that builds, owns and manages affordable apartments and single family homes and is Cuatros property developer. “Housing construction is economic development. When checking the monthly bills it is amazing how many local businesses are providing services to our website and our residents. Many thanks to all partners who helped design, finance and build this beautiful project. “

The city center is buzzing with new rental projects. On Monday, the focus was on the newly opened Imperial Building with 74 residential units for both standard and low-income tenants.

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Most of the funding for the $ 12.9 million Cuatro project was generated through the state’s low income tax loan program administered by the New Mexico Mortgage Finance Authority. The US bank bought the tax credits that provided more than $ 10 million to the project. Another $ 2.4 million came from the City of Albuquerque’s HOME program and $ 500,000 from the New Mexico Housing Trust Fund. An additional $ 1 million in home finance was provided by the New Mexico Housing Trust Fund and $ 500,000 by the Ventana Fund.

The development includes 13 efficiency, 23 one-room and 20 two-room apartments for residents aged 55 and over. Rents are tiered based on income and range from $ 330 to $ 661.

Cuatros project architect was Integrated Design & Architecture and the general contractor was Tofel Construction. Cuatro is managed by Monarch Properties.

The units are located in three separate buildings connected by small, fenced parking areas that provide each unit with natural light. The outdoor space includes an artificial putting green and a shuffleboard court. Common indoor spaces are available for the provision of counseling services for residents with special needs along with a fitness room, laundry and pantry.

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