Wednesday, February 13, 2013
The Bernalillo County Commission has approved economic incentives to help a new Downtown housing development move forward.
The board voted 4-1 Tuesday night to approve an $8 million project revenue bond that would help the Silver Moon Lodge Apartment Complex move forward.
The incentives allow the developer to access bonds at a lower interest rate and also abate certain taxes.
The project, led by DBG Properties, LLC, calls for new construction of a 151-unit apartment complex located at 10th Street and Park Avenue S.W. The new studio and one-bedroom apartments would offer more options for the Downtown workforce, and are located within walking distance of many employers and public transportation options.
The project is expected to create four full-time jobs and 150 construction jobs.
The project is located in District 2.
“There’s clearly a need for more affordable housing and more housing options in Downtown Albuquerque and Bernalillo County,” says District 2 Commissioner Art De La Cruz. “I’m pleased to support this project which I believe will lead to a more vibrant Downtown and which also creates many jobs during the construction phase.”
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