CABQ invests $300 million in housing assistance
ALBUQUERQUE, N.M. – Prices for homes and rentals in the metro have been steadily increasing. Now, the City of Albuquerque is investing nearly $300 million in housing assistance.
"We believe every family here deserves a safe and secure place to call home,” said Albuquerque Mayor Tim Keller.
The city is investing in four projects. The first is affordable housing. It offers vouchers to tenants, covering up to 70% of their rent. Supportive housing gives homeless community members stable access to shelters and services. These amenities are specifically for New Mexicans experiencing homelessness.
Deputy Director for Family and Community Services, Lisa Huval said to qualify for affordable housing developments, households need to be at or below 80% of the area median income.
Mayor Tim Keller said the city is also putting more money toward market rate housing and is using stimulus funding to help residents make much-needed repairs to their homes.
Officials say these four projects are supported through city general funds, public and private partnerships and federal funding.
"Since 2018, projects funded by the city of Albuquerque have generated or created 385 apartments, high quality, decent rental housing, 346 of which are affordable to low and moderate income Albuquerque residents,” Huval said.
Mayor Keller said, even though the city has invested a total of $550 million in housing over the last four years, it is not enough.
"It’s trying to keep pace with needs, and there are still more needs than investments that we’ve made,” he said.
Huval says five housing projects are still in development. They are expected to create at least 255 more affordable rental units.
For more information on what housing is available in the metro area, visit cabq.gov.