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County Commission Approves Project Revenue Bonds for Martineztown Housing Development

07/01/2020
7:14 AM

Bernalillo County commissioners approved the issuance of $7.5 million in project revenue bonds for the Albuquerque Housing Authority to be used for The Commons at Martineztown in central Albuquerque.

The tax-exempt bonds will fund the renovation of 96 existing affordable housing units in The Commons at Martineztown to house low-income senior residents and residents with disabilities.

“This will upgrade existing housing for residents and transition the houses to the project based Section 8 rental assistance program,” says County Commissioner Debbie O’Malley. “That means more federal money will be available to assist county residents.”

The rehabilitation and renovation will allocate about $70,000 per unit and will include window replacement, new cabinetry, doors and roofs, as well as upgraded interior and exterior finishes.

Project revenue bonds are privately funded bonds used for construction or rehabilitation of multi-family housing projects for low-income individuals and allow property tax exemptions.

The commission approved the bonds on a 5 to 0 vote.

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