ALBUQUERQUE – Today, Mayor Tim Keller, Metropolitan Redevelopment Agency (MRA) leadership, Councilwoman Nichole Rogers and development partners provided an overview of four transformative projects currently awaiting City incentives to bring much-needed housing to market.
“Our city is missing up to 30,000 housing units – there is no question that we need to build more housing so that everyone can find an apartment that they can afford,” said Mayor Tim Keller. “The city can’t build everything on its own, but we can provide incentives to support developers who want to invest here and help us build the future of Albuquerque.”
SOMOS, Highlands Central Market & Residence Inn, the Garfield Townhomes, and the Park Central project are all seeking City Council approval for their Redevelopment Tax Abatement applications. Together, these projects would create over 300 new housing units for Albuquerque families, ranging from affordable to market rate.
“I am so excited to see all four of these projects in District 6,” said City Councilwoman Nichole Rogers. “This kind of investment in housing is a big deal for us and I’m so grateful that this is happening.”
The RTA program is a core incentive of the MRA that provides all taxing districts with a seven-year property tax abatement on incremental property taxes. The goal of this program is to attract private investment, promote high-quality, sustainable development, and provide tangible benefits to the community.
“The MRA is crucial to attracting the kind of investment needed to revitalize underdeveloped areas,” said MRA Director Terry Brunner“These projects reflect our mission to build vibrant, sustainable communities in Albuquerque.”
The MRA continues to support initiatives that promote economic growth, enhance community welfare and create opportunities for all Albuquerque residents and their families. For more information and updates on the Redevelopment Tax Abatement Program and other MRA incentives, visit cabq.gov/mra/incentives.
