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Rio Vista ribbon cutting

Rio Vista Apartments is a 75-unit apartment complex in Albuquerque that serves low-income seniors and persons with special needs. The property consists entirely of one-bedroom units, all
of which have HUD Project-Based Section 8 subsidies. All of the units are available to households earning 50 percent or less of the area median income.

The project was developed jointly by Wishrock Investment Group II LLC and the Albuquerque Housing Authority. Kitchens and bathrooms in every unit were upgraded, including instalation of new cabinets and coutertops and upgrading with EnergyStar appliances. New HVAC systems, energy-efficient doors and windows and flooring was installed. Site improvement included new lighting, security, replacement of sidwalks, a new roof, updated landscaping and new signage. New management offices and community rooms were constructed.

 Rio Vista was awarded 9 percent Low Income Housing Tax Credits in 2016. Tax credits will generate $9.2 million in equity for the project over the next 10 years. MFA received 17 tax credit applications in 2016; five were awarded.