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Dallas bank announces $1M fund for Tribal initiatives
This summer, the Federal Home Loan Bank of Dallas (FHLB Dallas) will officially launch a $1 million fund to support affordable housing initiatives of Tribal members within its district, which includes Arkansas, Louisiana, Mississippi, New Mexico and Texas. <\p> The Native American Housing Opportunities Fund (NAHO) aims to provide financial assistance to federally recognized Tribes and Tribally designated housing entities to address the numerous housing needs of Tribal members, said Melanie Dill, community development and AHP rental manager.<\p>
PNM solar, storage projects land approval
The Public Service Co. of New Mexico, a subsidiary of Albuquerque-based PNM Resources Inc. (NYSE: PNM), received approval May 30 for the utility's plan to buy and develop a series of solar and energy storage projects expected to meet future summer electricity demands. <\p> The New Mexico Public Regulation Commission approved the Public Service Co. of New Mexico's (PNM) application for its planned renewable energy resources, accepting the Commission's recommended decision issued in early May. PNM selected the projects through a request for proposals issued in late 2022. <\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
Partnership could fast-track transmission projects
A first-of-its-kind partnership between a federal council and a New Mexico energy authority hopes to fast-track transmission projects across the state.<\p> The Federal Permitting Improvement Steering Council, first established in 2015, said Thursday it entered into a memorandum of understanding with the New Mexico Renewable Energy Transmission Authority, or RETA. The partnership sets up a "working relationship" between the two bodies to provide permitting support to transmission projects co-developed by RETA, according to a May 30 news release.<\p>
South Dakota developer to break ground on $80M Las Cruces project
A South Dakota-based development company will begin construction on an $80 million apartment complex in Las Cruces this summer. <\p> Peachtree Canyon Apartments will be located at 7081 N. Jornada Road. The complex aims to accommodate families with children and will feature 288 one-, two-, and three-bedroom apartments with rents ranging from $795 to $1,101. Six units will be designated for residents earning up to 30% of area median income.<\p>
Do you know these 5 New Mexicans? You should.
From a gardening master to a retired county official starting a new career, the latest round of New Mexicans to Know span an array of industries and geographies but they all share one key trait — they choose to call New Mexico home.<\p> Every week, Albuquerque Business First features a business leader who we believe is, well, worth knowing. We talk to them about both their personal and professional lives. Maybe they are a prominent person in the community or a behind-the-scenes go-getter. Whatever their background or role, they all share a passion for New Mexico and a desire to improve their slice of the enchanted pie.<\p>
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
A rising cost for companies and employees takes hold as summer arrives
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
Governor calls to modernize permitting practices
During a NAIOP luncheon on May 30, New Mexico Governor Michelle Lujan Grisham emphasized the need to modernize the state's zoning and permitting processes to foster economic growth and meet the increasing demand for housing. <\p> Drawing attention to successful local partnerships, Lujan Grisham cited the rapid completion of a new fire station at the Pueblo of Sandia. <\p>
Los Angeles movie producer invests in ABQ startup
After establishing a new headquarters within a data center near the Albuquerque International Sunport that promised growth for Albuquerque-based high-performance computing startup Hoonify Technologies Inc., the startup said Thursday it raised its first chunk of venture capital, led by a Montana-based venture firm. <\p> Bozeman, Montana-based Next Frontier Capital led Hoonify's $3.75 million seed round, the Albuquerque startup announced May 30. Individual investors — including Paul Schwake, a movie producer and entertainment executive based in Los Angeles with credits on productions like "True Grit" and "World War Z" — joined the round. <\p>
Carlsbad Municipal Schools plans $300M in projects
Carlsbad Municipal Schools is embarking on a major development project, allocating $300 million from recently approved general obligation bonds to build a new high school and renovate an existing middle school. <\p> Over the past four years, the district has experienced a 15% increase in elementary school enrollment, also necessitating the construction of three new elementary schools, with two more in development, said Kevin Dillion, the school district's director of operations. <\p>
Hear from leaders on present, future of NM energy landscape
New Mexico is in the middle of a broad energy transition that promises to touch all aspects of business in the state. How that transition plays out, who it affects and what its progress looks like will be the focus of a panel hosted by Albuquerque Business First on June 13, covering the present and the future of New Mexico's energy landscape.<\p> Gov. Michelle Lujan Grisham signed the Energy Transition Act in March 2019, which calls for 50% of the state's energy portfolio to come from renewable sources by 2030 and grow to 80% by 2040. <\p>
Chinese firm's Maxeon transaction may complicate ABQ project loan
Despite what Maxeon Solar Technologies executives referred to as a “serious cash flow problem” during Thursday’s earnings call, the solar company’s leadership said they remain “very committed” to their Albuquerque project. <\p> The Singapore-based solar panel manufacturer, which first announced its $1 billion manufacturing plans at Mesa del Sol in August 2023, released its fourth quarter 2023 (revenue of $228.8 million) and first quarter 2024 earnings (revenue of $187.5 million) on May 30. <\p>
Los Ranchos to pursue injunctive relief to halt construction
The Village of Los Ranchos de Albuquerque Board of Trustees met Wednesday night to address the partly constructed building at the corner of Osuna Road and Fourth Street. <\p> Two primary agenda items went before the board. The first item centered on pursuing injunctive relief to halt construction of the project and the second concerned whether or not to appeal a recent court decision by Second Judicial District Court Judge Denise Barela Shepherd. <\p>
ABQ cardiac care startup inks national partnership
Karoo Health, an Albuquerque-based health technology startup focused on cardiac care, said it inked a partnership with a national cardiology provider that its CEO said could help the New Mexico company reach new markets "at unmatched speed and scale."<\p> Karoo announced May 23 it's partnering with Heartbeat Health, a New York-based cardiology care company that operates a decentralized health care platform. The New Mexico startup will pair its value-based cardiac care model and technology with Heartbeat's decentralized platform.<\p>
ABQ City Councilor Dan Lewis settles with State Ethics Commission
Albuquerque City Council President Dan Lewis has settled with the New Mexico State Ethics Commission over his hiring as executive director of the Asphalt Pavement Association of New Mexico, whose members were key stakeholders in the fight against a controversial rule set before the Albuquerque-Bernalillo County Air Quality Control Board last year.<\p> The settlement, signed by the NMSEC's executive director Tuesday, mandates Lewis, in his role as a city councilor, recuse himself from matters relating to the AQCB or a successor to it, the APANM or any of its members. It also formally acquits Lewis of all allegations against him.<\p>
Request out for redevelopment of Santa Fe Railyard property
A large building at the Santa Fe Railyard that's sat vacant for several years could see new life after the City of Santa Fe put out a request for the property's redevelopment, with a focus on furthering The City Different's creative industries. <\p> The City on May 22 released a request for proposals (RFP) to lease and manage a nearly 17,000-square-foot building at 1614 Paseo de Peralta. The 51-page request calls for a lessee that would "develop and support the creative and film and digital media industries in Santa Fe."<\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Visit Albuquerque launches virtual tour
Visit Albuquerque has launched an interactive virtual tour of Albuquerque, a new tool the organization hopes will help visitors better plan their trip to the city.<\p> Developed by San Francisco-based software company SKYNAV, the tour follows in the footsteps of other city’s attempting to attract more tourists, with similar programs being created for Cincinnati, Ohio; Fort Worth, Texas; and Panama City Beach, Florida, among others.<\p>
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