Arrowhead Ridge Apartments to be acquired, rehabilitated

BERNALILLO — An affordable housing apartment complex will see some changes with the help of county revenue obligations.

The Arrowhead Ridge Apartments, a 180-unit complex located near Ridgecrest Drive in Rio Rancho, will be acquired, rehabilitated and equipped with county financing.

Lincoln Avenue Communities or its development subsidiary will be the developer, according to county investment advisor Rob Burpo. The company plans to acquire the facility from its existing owner in early 2026. 

"Following the acquisition, the developer plans to finance the acquisition and rehabilitation of the project through the issuance of tax-exempt conduit revenue bonds by the county," the resolution cover page reads.

Burpo said the project was initially financed through the issuance of similar conduit revenue bonds by the county in 1996. 

"The proposed transaction will result in substantial rehabilitation of the project as well as a new regulatory agreement mandating affordability for a new qualified project period in order to comply with the federal tax rules applicable to the tax-exempt bonds and the related low-income housing tax credits to be obtained for the project," it states.

Commissioner Katherine Bruch asked how long the project would last and how many residents would be displaced. She also asked if rental rates will continue to be what they are today, since it is considered affordable housing.

Burpo said those same questions were asked of the company.

"They are putting together a whole schedule of how they are going to be working with people there. Out of the 180 units, they have nine that are vacant," he said.

He confirmed that the rates will be on par with current rates. However, when it came to displacement, the company will put together a program but doesn't have it ready for commissioners, according to Burpo. 

The commissioners unanimously approved the revenue obligations.