ABQ Times

Bernalillo County Commissioners have given their approval for an ordinance to issue $33 million in Project Revenue Bonds (PRB). These funds are designated for the acquisition and rehabilitation of St. Anthony’s Plaza, a housing project located at 1750 Indian School Road, NW.

The application for this project was submitted by St. Anthony's Plaza Community Partners, LP. The planned improvements include energy-efficient upgrades such as Energy Star-rated appliances, LED lighting, new windows, and roof replacement. Additionally, the units will feature vinyl plank flooring, low VOC paint, and formaldehyde-free cabinets and counters.

The Economic Development department of Bernalillo County supports the use of PRBs to increase the availability of affordable multi-family or senior housing units. Developers face challenges like construction costs, labor shortages, and supply chain issues. PRBs provide incentives to lower rental costs below market rates. St. Anthony’s Plaza is also applying for a 4% Low Income Housing Tax Credits (LIHTC) with the state. Such projects typically receive assistance from federal, state, and local government incentives to reduce development costs.