ALBUQUERQUE, N.M. (KRQE) – A housing project in the metro now has a boost to get started, following a vote from Albuquerque city council Monday night. Councilors approved $2 million in gap financing for the Serenade at Park Central Project.
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That project will convert a vacant 10-story office building on San Mateo near Central into 110 mixed income rental units. That will include 41 affordable units, available to applicants earning at or below 80% of the area median income. The city says its $2 million contribution makes up less than 10% of the total project cost. They say the gap funding will incentivize private investors. The project is expected to break ground later this year and be completed by 2027…