Micro-Efficiency Apartment Complex Opens in New Mexico
New Mexico’s first micro-efficiency apartment complex, Downtown@700-2nd, a 72-unit $13 million green rental community, officially opened at the end of June. Located on a former brownfield, the infill project is an urban workforce model that will provide on-site support services to formerly homeless persons, individuals with special needs, retirees, as well as market-rate residents.
The project was developed and is owned by Supportive Housing Coalition of New Mexico. Now 90 percent full, the community has fully furnished units, a café, community garden, and on-site space for service providers. The property has links to bike routes and a commuter train. Government offices, a public library, restaurants, and other services are within walking distance.
The Mortgage Finance Authority (MFA) awarded the project more than $8 million with Enterprise Community Investment providing the equity through the low-income housing tax credit program. Additional funding included approximately $400,000 by the Tax Credit Assistance Program, part of the American Recovery and Reinvestment Act of 2009. Land for Downtown@700-2nd was donated by the city of Albuquerque, which also provided $2.6 million in funding through the Workforce Housing Trust Fund. The city trust funds were leveraged to bring in an additional $10 million in capital from outside Albuquerque to put in the downtown core, approximately 70 percent of that from private equity.
An Enterprise Green Communities’ certified property, Downtown@700-2nd earned numerous sustainability awards. The community incorporates sustainable design features, including roof-top solar collectors for domestic hot water and space heating, domestic grey water recycling and rooftop water catchment for landscape use.