Bernalillo County issued the following announcement on Nov. 10.
The Bernalillo County Commission approved project revenue bonds for the Casa de Sierra apartments, formerly known as Valencia Court Apartments. The bonds, in a series of one or more, are tax-exempt and/or taxable bonds not to exceed $14 million.
The approval will allow the 188-unit complex, in southeast Albuquerque, to remain a senior housing and households with disabilities complex intended for occupancy by persons 55 years of age and older in compliance with the Housing for Older Persons Act.
“The U.S. Census Bureau reports that almost 30% of the population in our country is 55 and older,” says County Commissioner Jim Collie. “Bernalillo County is continuing to support and assist this growing group with affordable housing as they live their golden years.”
DBG properties plans to fix and upgrade individual units with new counter tops, cabinet doors/faces, smoke alarms, paint, hardware, water heaters, appliances and new windows.
Promoting the development of this site more efficiently utilizes the limited resources of government and provides a viable alternative to fringe development. Additionally, this project continues the county’s efforts toward achieving the Bernalillo County strategic plan goal of quality of life, by continuing to provide needed additional affordable housing for residents.
Project revenue bonds are issued by the county and backed by investors. The bonds are repaid through income from the financed project.
The bonds were approved by the commission on a 5 to 0 vote.
Original source can be found here.
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