Sandoval Flats break ground in Rio Rancho

Affordable housing complex to be built in Sandoval County

Affordable housing is on its way to Sandoval County.

County OKs intent to issue revenue bonds for 218-unit housing complex

BERNALILLO — Additional housing is on its way to Rio Rancho in the not-too-distant future. The Sandoval County Commission voted unanimously on Wednesday to declare its intent to issue revenue bonds supporting the construction of a 218-unit complex called Sandoval Flats on the northeast edge of town. Commissioners will need to adopt a bond ordinance […]

RIO RANCHO — Housing New Mexico and Dominium representatives broke ground Feb. 5 for a complex of flats just off of NM 528 and Idalia Road.

According to a release, the Sandoval Flats groundbreaking hosted by housing developer, Dominium, is a development that will offer 216 new affordable apartment units, including one-bedroom, two-bedroom, three-bedroom and four-bedrooms apartments. The complex will also include a clubhouse and fitness center, pool and spa, cabanas, ramada, tot lot, barbeque, dog park and other active and passive open space areas.

“Dominium is known for its quality work and innovative approach, which will be evident with the development of Sandoval Flats,” Housing New Mexico Director of Housing Development George Maestas said.

Sandoval Flats will serve households with incomes up to 60% of the area median income (AMI), which amounts to about $40,000-$50,000 in Rio Rancho and Sandoval County.

“This will be a great addition to the Rio Rancho community, and it will provide affordable, safe housing for over 200 families. Alongside our partners, Housing New Mexico will continue to work toward our vision that all New Mexicans will have quality affordable housing opportunities. This year marks our 50th year of existence, during which time we have helped over 500,000 families in the state,” Maestas said.

Dominium, which has been in the housing industry for 50 years, was excited to start its first construction effort in New Mexico.

Dominium Development Analyst Abby Perez said the development reflects their ongoing commitment to building enduring value “and we are proud to bring 216 high-quality, affordable homes to the Rio Rancho and Albuquerque metro communities. We are grateful for the support of our dedicated stakeholders and development partners, including Housing New Mexico (MFA), without whom this project would not be possible,” she said.

The Housing New Mexico Board of Directors approved a $3 million New Mexico Housing Trust Fund loan for the development, which will also receive approximately $4.2 million in federal Low-Income Housing Tax Credits, annually over a 10-year period, which are expected to produce approximately $37.9 million in cash equity.

Sandoval Flats is one of 50 multi-family active developments Housing New Mexico has in various stages of construction across the state representing approximately $69.9 million in annual tax credits, $180.2 million in Housing New Mexico-issued bonds, $112.5 million in Housing New Mexico loans and grants totaling approximately $362.6 million in combined funding. Those developments consist of 4,701 apartment units located in 20 municipalities in 15 counties across the state.

“The eventual economic impact of all 50 developments, once under construction, is estimated to be approximately $549 million in local income and approximately 7,522 jobs,” the release states.

Construction is expected to begin this month and be complete by February 2027.

To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.