A Community at Risk
In Albuquerque’s Near North Valley, St. Anthony Plaza Apartments has been home to hundreds of families since its construction in 1975. Designed for multigenerational living, the community offers 159 affordable units and 1 managers unit across 11two-story buildings, ranging from one- to four-bedroom homes.
But after decades of wear, the property was showing its age. Outdated systems, deteriorating infrastructure, and limited accessibility left residents in need of significant upgrades. On top of that, the property’s affordability agreement was set to expire in 2025, putting families at risk of displacement in a city where more than half of renters are already cost burdened. Without action, Albuquerque stood to lose another vital affordable housing resource at a time when it is needed most.
Honor Our Mission: To Preserve and Revitalize
Community Preservation Partners (CPP), in partnership with Housing New Mexico, Bernalillo County, the Near North Valley Neighborhood Association, and the City of Albuquerque, stepped in to secure St. Anthony Plaza’s future. This acquisition marks CPP’s 39th community in New Mexico and reflects our commitment to protecting housing stability across the state.
With a $70million development plan, including a $27.16 million acquisition and $122,000per-unit renovation budget, CPP is leading a full-scale revitalization thatwill transform the property into a safe, sustainable, and modern community. Planned improvements include:
· Energy efficiency and sustainability: EnergyStar appliances, new windows, LED lighting, low-VOC finishes, and formaldehyde-free cabinetry and countertops.
· Water conservation: Low-flow fixtures, flush-rated toilets, and a complete domestic water repipe.
· Modern systems: A new heating and cooling system, plus critical electrical upgrades.
· Accessibility upgrades: ADA-compliant features, improved pathways, and enhanced community spaces.
· Exterior improvements: Stucco repairs and roofing replacement, fresh paint, parking lot resurfacing, drainage upgrades, and ACM remediation.
· Safety enhancements: Security lighting, a new six-foot perimeter fence, and controlled access systems.
Beyond physical upgrades, CPP is partnering with LifeSTEPS to bring robust resident services on-site, including adult education, health and wellness programs, and skill-building workshops designed to strengthen the community from within.
Financing the Future
To make this vision possible, CPP partnered with Bernalillo County (issuing $33.5 million in tax-exempt bonds), Ready Capital (bond purchaser), and PNC (equity investor).Affordability will be secured for the long term through a 20-year renewal of the Section 8 Housing Assistance Payment (HAP) contract and a new 30-year Land Use Restrictive Agreement (LURA). 159 of 160 homes will remain affordable to households earning at or below 60 percent of AMI.
Key development partners include ICON National as General Contractor, HDJ as Architect, and The JL Gray Company as Property Management.
A Community Reborn
Renovations are expected to be complete by Spring 2026. Once finished, St. Anthony Plaza Apartments will emerge as a revitalized, vibrant community where families can thrive for generations. With modern homes, improved safety, sustainable systems, and wraparound resident services, the property will offer not just shelter, but stability, opportunity, and dignity.
Through CPP’s leadership and collaboration with local partners, St. Anthony Plaza will remain a cornerstone of affordable housing in Albuquerque’s Near North Valley, ensuring that hundreds of families continue to have a place to call home.
