Economic Development

Commission Approves Project Revenue Bonds for Two West Side Apartment Complexes

01/27/2021

Bernalillo County commissioners have approved project revenue bonds for two multi-family apartment complexes on Coors Boulevard which will bring more than 200 new apartments to low and moderate income residents.

The project revenue bonds were approved as follows:

La Serena Apartments

  • Fronting Coors Boulevard between Los Volcanes and Bluewater
  • $11 million
  • 78, age 55+ apartments

 

San Roque Apartments

  • Fronting Coors Blvd between Los Volcanes and Bluewater
  • $27.9 million
  • 136 apartments

“This is a great opportunity to bring some quality affordable housing to the west side,” says District 1 County Commissioner Debbie O’Malley. “Serving the living needs of multiple generations in their own housing areas makes this a unique effort.”

Project revenue bonds or multi-family housing revenue bonds, are used to provide tax-exempt and/or taxable financing for the construction or rehabilitation of multi-family housing projects for low to moderate-income individuals. Although the county is the issuer, multifamily housing revenue bonds do not constitute a debt of the county.

Both projects were approved on a 5 – 0 vote.

 

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