City Incentives Spur Housing Development, Help Build Future of Albuquerque
ALBUQUERQUE – Today, Mayor Tim Keller, Metropolitan Redevelopment Agency (MRA) leadership, City Councilor Nichole Rogers, and development partners gave an overview of four transformative projects currently seeking City incentives to bring needed housing to the market.
“We’re short up to 30,000 housing units in our city–there’s no question about it, we need to build more houses so everyone can find a place to live that they can actually afford,” said Mayor Tim Keller. “The City can’t build it all alone, 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 approval from City Council for their Redevelopment Tax Abatement applications. Combined, these projects would create over 300 new units for Albuquerque families across the spectrum, from affordable to market rate.
“I am so excited to see all four of these projects in District 6,” said City Councilor Nichole Rogers. “This kind of investment in housing is a huge deal for us and I am so grateful to see this happening.”
The RTA program is a pivotal incentive offered by the MRA that provides a seven-year property tax abatement on the incremental property taxes for all taxing districts. This program aims to attract private investment, foster high-quality sustainable development, and deliver tangible benefits to the community.
"The MRA is instrumental in attracting the kind of investment needed to rejuvenate underdeveloped areas,” said MRA Director Terry Brunner. “These projects reflect our mission to build vibrant, sustainable communities in Albuquerque."
The MRA remains committed to supporting initiatives that drive economic growth, enhance community well-being, 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, please visit cabq.gov/mra/incentives.