Dominium, a leading affordable housing owner, developer and manager announced that it has acquired Villa Hermosa, a 288-unit multifamily housing community in Albuquerque, New Mexico.
Renovations to Villa Hermosa will include upgrades to the community’s clubhouse, outdoor amenity space, landscaping and building exteriors, as well as renovations to individual apartment homes. The property was originally constructed in 1999 under the 4% Low Income Housing Tax Credit program (LIHTC).
Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at a level tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.
Dominium’s Mountain West office has closed on 468 units in 2024 in the region. The acquisition of Villa Hermosa will add 288 units and marks the developer’s inaugural entry into its New Mexico portfolio.
Dominium would like to thank its development partners Merchants Capital, Dominium Construction & Architecture Service, Winthrop & Weinstine and the New Mexico Mortgage Finance Authority for their support and assistance which made this project possible.
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