Uptown Connect Secures More than $30 Million in New Funding
Two major funding milestones achieved for transit-oriented development in Uptown.
ALBUQUERQUE – This week, Uptown Connect, a unique transit-centered development in the Uptown area, secured two new funding sources totaling more than $30 million.
On Tuesday, the New Mexico State Board of Finance approved $23.8 million in private activity bonds and on Wednesday, the Housing New Mexico Mortgage Finance Authority Board approved $7.4 million in loans to support the project.
“Our team is passionate about this project and the connectivity to housing, jobs, and transit it will bring to the Uptown area,” said ABQ RIDE Deputy Director Bobby Sisneros. “Thank you to these funders for driving this project forward!”
“Health, Housing and Homelessness was thrilled to hear of the financing approval, and the fact that this project will be moving forward,” said Jordan Barela, Deputy Director of Housing and Community Development with Health, Housing and Homelessness. “Uptown Connect is a unique project, providing a mixture of public transit access and affordable housing in an area of the City that will provide significant job and economic opportunities to its residents. We hope this project becomes an example of how transit-oriented developments can work in the City of Albuquerque.”
The 176-unit mixed rate rental project is led by ABQ RIDE in partnership with a private developer, Palindrome and co-developer Family Housing Development Corporation, and the City’s Department of Health, Housing, and Homelessness to address three of Albuquerque’s greatest needs: housing, sustainable transportation, and economic growth.
More information on Uptown Connect can be found on ABQRIDE.com.
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ABQ RIDE’s mission is to provide the community with clean, safe, and reliable transportation.