Albuquerque’s Uptown Connect project secures $30M in state funding

A new transit and housing development in Uptown Albuquerque secured nearly $30 million in state funding this week. The money, drawn from two separate state boards, will support a 176-unit rental project led by ABQ Ride.

On Tuesday, Uptown Connect received almost $24 million in private activity bonds from the New Mexico State Board of Finance, according to the New Mexico Finance Authority. A day later, the state’s Mortgage Finance Authority board approved another $7 million for the project.

The combined nearly $30 million is going toward a 176-unit rental project led by ABQ Ride.

The development comes as state officials look to back affordable housing, sustainable transportation and economic growth goals.