Apartment hunters hurt by economy

apartment hunting in the four corners area can get difficult as some developers put their project...  More »

apartment hunting in the four corners area can get difficult as some developers put their projects on hold. erisa nakano is live in our farmington bureau to explain how the tough economy is affecting the housing situation. erisa? developers say that right now it's difficult getting financial backing to build big apartment complexes in farmington--makin g it tough to keep up with the demand. the growing need for apartment housing in farmington has developers coming up with plans... but that's about it. minute thumbnail 06:38 pm animas valley land and water got approval from the city one year ago to plan out a 300-unit apartment complex. but the company says it hasn't found a bank to finance it... so it hasn't been able to break ground. "we've had difficulty getting evaluation because there have been no comparable projects built here in recent history and just the general availability of commercial funds." "we've only had one major complex constructed in the last 7 years where we have a need for about 75 per year but we're well behind that." city officials say farmington needs to build about 750 apartment units in the next decade to keep up with population growth. about a quarter of the housing in the u-s is made up of apartments. it's only nine-percent in farmington. reporting live in farmington erisa nakano eyewitness news 4  « Less