State of New Mexico awards $6 million to DBG Properties' Tierra Linda affordable housing community in Southwest Albuquerque

ALBUQUERQUE, N.M., Aug. 28, 2025 /PRNewswire/ -- DBG Properties, LLC ("DBG") and Mission Rock Residential, the selected property management company, today announced that the State of New Mexico allocated $6 million to support Tierra Linda Apartments, a planned 240-home, 100% income-restricted apartment community in Southwest Albuquerque. The investment is part of the Governor's statewide, $80+ million funding package aimed at accelerating affordable housing and homelessness solutions across New Mexico. The Governor's announcement, shared jointly with the City of Albuquerque and Bernalillo County, can be found here.

"Tierra Linda will deliver high-quality, family-focused homes that Albuquerque residents can afford," said Eric Grodahl, Principal at DBG Properties and project spokesperson. "This $6 million allocation helps unlock a critical pipeline project at a moment when families need relief. We're grateful for the State's leadership and for our local partners who are making Tierra Linda possible."

Planned for 3450 98th St S., Tierra Linda is designed as 100% affordable at 60% of Area Median Income. The community is expected to be in service in 2027. Mission Rock Residential will serve as the community's professional management company.

"Mission Rock is proud to partner with DBG on a community that directly addresses Albuquerque's urgent need for attainable housing," said Meredith Wright, President at Mission Rock Residential. "Our focus is creating resident-first communities where families can access quality living experiences, and Tierra Linda represents an important step toward expanding housing options for the city's growing workforce."

Key partners supporting Tierra Linda include NewPoint, the New Mexico Mortgage Finance Authority, and Bernalillo County, serving as lenders, with Affordable Housing Partners acting as equity partner.

Tierra Linda advances the City and County's shared priorities to expand family-oriented housing on the Southwest Mesa. Earlier this year, Bernalillo County Commissioners approved up to $55 million in Project Revenue Bonds for Tierra Linda, underscoring the project's importance in addressing local housing needs.

DBG is the project's developer and the driving force behind Tierra Linda's vision and execution. With decades of experience in affordable housing across the Western U.S., DBG has a proven track record of structuring complex financing, assembling strong public-private partnerships, and delivering high-quality, community-focused residences. Tierra Linda is the latest example of its commitment to meeting the state's housing needs and creating long-term neighborhood value.

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SOURCE Mission Rock Residential, LLC