Dominium Acquires Land for Sandoval Flats, Plans to Develop 216 Affordable Apartment Homes in Rio Rancho, New Mexico

Development marks Dominium’s second new construction project in the state of New Mexico

Dominium, a leading housing owner, developer, and manager announced today that it has closed a deal to acquire land for the development of Sandoval Flats, a new affordable housing community in Rio Rancho, New Mexico.

Dominium plans to use the land located at 3200 Camino Encantadas NE to construct the new high-quality housing community for low-income families in the Albuquerque metropolitan area. Once completed, Sandoval Flats will provide 216 apartment homes to the City of Rio Rancho.

This project will be constructed by Pavilion Construction and will include a clubhouse, fitness center, playground, and pool with outdoor amenity space.

Construction of Sandoval Flats will be supported by the Section 42 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 levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.

Dominium would like to thank its development partners, including Barclays, Greystone Housing Impact (GHI), Freddie Mac Greystone, Colliers Securities, New Mexico Mortgage Finance Authority, WNC, Housing New Mexico (MFA), Sandoval County, Winthrop & Weinstine, McDermott Will & Emery LLP, Holland & Knight LLP, Orrick, Ballard Spahr, Sherman & Howard, Todd & Associates, Huitt-Zollars, Newmark Title, Kutak Rock, US Bank, and Dominium Construction and Architecture Services.