THE BENEFITS AND TECHNIQUES TO MAKE IT HAPPEN
The historic Luna Lodge on Route 66 in Albuquerque, N.M., was converted into affordable housing
Ultimately, the historic features were preserved, and 28 units of affordable housing were created, earning an award from the Affordable Housing Tax Credit Coalition.
The NAR report notes the heavy subsidies the
project required, including: $3.3 million from out-of-state buyers of tax
credits, $1.24 million from a City of Albuquerque Workforce Housing
Construction Loan Grant, $344,120 in historic tax credit equity, $210,000 from
the Federal Home Loan Bank of Dallas Affordable Housing Program and $100,000
from the Environmental Protection Agency/New Mexico Environment Department.
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