Posted at: 06/13/2014 9:55 PM
Updated at: 06/14/2014 10:30 AM
By: Danielle Todesco, KOB Eyewitness News 4
A New Mexico Finance Authority scandal uncovered by the KOB 4 On Your Side investigative team is still causing headaches for some landowners in Albuquerque -- two years later.
In 2012, KOB Eyewitness News 4 exposed a faked audit that jeopardized the state credit rating. The scandal sent one man to prison and cost two high level executives their jobs.
It also meant the NMFA couldn't fund the nearly $30 million loan to the City of Albuquerque to build the infrastructure for the neighborhood of hundreds near Paseo Del Norte and Unser.
That scandal is just one of many things that have kept a huge chunk of land empty for years.
"Thirty years ago, we picked this area because of that...right there," Dave Heil said, pointing to the view of the Sandia Mountains.
The million dollar view has actually cost Heil more time than money so far. He bought two plots of land back in 1985, and ever since, has been fighting to finally build on it. There have been multiple battles, including the faked audit from the New Mexico Finance Authority.
The City of Albuquerque ended up getting the multi-million dollar loan from a bank that paid for the sidewalks, water and power lines.
Now, nearly thirty years later, Heil says he is not sure if he still wants to live here.
"Yes, it would be nice to live here and see the fantastic views, but you kind of have to not rush into things. Of course thirty years...we certainly haven't rushed into things!" Heil said.
Heil says it is almost time for the city to start issuing building permits. He expects homes to start popping up in the next 30 days. It's just more time for Heil to decide if this is home or just an investment long overdue.
"It's one of those journeys that you begin on, but if you knew how long it was going to be, you probably would have never started," he said.
Heil estimates the land costs around $100,000 to $125,000 dollars. He said home prices should start around $300,000 dollars and up. He also said it cost around $40,000 dollars per homeowner to pay for the infrastructure of the subdivision.