Albuquerque: City Council Approves $20 Million for Affordable Housing Development

Albuquerque City Council Approves $20 Million for Affordable Housing DevelopmentAlbuquerque City Council Approves $20 Million for Affordable Housing Development Albuquerque, New Mexico’s City Council has taken a significant step towards addressing the city’s affordable housing crisis by approving $20 million in funding for the development of affordable housing units. The unanimous vote on Tuesday, March 7, 2023, authorizes the allocation of federal American Rescue Plan Act (ARPA) funds to help create or preserve 1,000 new affordable housing units for low- and moderate-income families. “This investment is a major milestone in our efforts to make Albuquerque a more equitable and inclusive city,” said Mayor Tim Keller. “We are seeing the devastating consequences of the housing crisis in every corner of our community, and we are committed to providing solutions that make a difference.” The $20 million will be administered by the city’s Housing and Community Development Department (HCD) through a competitive application process. Non-profit affordable housing developers and for-profit developers partnering with non-profit organizations are eligible to apply for funding. “This funding will create opportunities for families to find stable and affordable housing close to jobs, schools, and amenities,” said HCD Director Pat Sanchez. “We are excited to see the creative and innovative proposals that our developers put forth.” The affordable housing units will be built throughout Albuquerque, with a focus on areas with the greatest need. The units will be available to families earning up to 80% of the area median income (AMI), which is currently $64,550 for a family of four. The city’s affordable housing crisis has intensified in recent years, with a severe shortage of units available at an affordable price. According to the latest data from the National Low Income Housing Coalition, Albuquerque has a shortage of over 25,000 affordable and available rental units for extremely low-income families. The $20 million investment is part of Mayor Keller’s “One Albuquerque” initiative, which aims to create a more equitable and affordable city. The initiative also includes investments in job training, youth programs, and public safety. “We know that affordable housing is not a cure-all, but it is a critical piece of the puzzle,” said City Council President Klarissa Peña. “By investing in housing, we are investing in the future of our city and its families.”