ABQ as inspiration for reasonably priced housing »Albuquerque Journal

Like many cities in the United States, Albuquerque is facing challenges to protect and maintain its supply of affordable housing for working families and seniors as demand increases.

The annual household income required to purchase a two-bedroom home at market rents in New Mexico is $ 33,062, but more than 60,000 Albuquerque households have annual incomes less than $ 25,000. The Albuquerque Housing Authority (AHA) has the funding capacity to service less than 10 percent of this population and the city is short of 20,000 affordable housing.

Because of this, the strong leadership of organizations such as AHA, YES Housing Inc. and the Greater Albuquerque Housing Partnership is a national inspiration in finding new and innovative solutions to these challenges.

Two years ago, our firm, The Community Development Trust (CDT), announced a $ 25 million joint venture partnership with YES Housing to provide 342 affordable housing units for seniors and people with disabilities in Albuquerque, Las Cruces and Roswell receive. The property in Albuquerque is Brentwood Apartments, a 122 unit complex built in 1978 to serve very low income seniors and tenants with special needs. CDT and YES have allocated over $ 600,000 for capital improvements.

The transaction, which marked our first investment in New Mexico, reflects the shared commitment of the leading CDT and Albuquerque companies to ensure that affordable housing remains available now and for the city’s long-term future.

Earlier this year, Albuquerque earned national recognition in the affordable housing industry for its successful efforts to expand housing options for low-income families, the elderly and people with disabilities.

GAHP Executive Director Felipe Rael, Mayor Tim Keller, Bernalillo County Commissioner Debbie O’Malley and their co-legislators deserve praise for the opening of the Sterling Downtown apartment complex in the heart of downtown.

………………………………………….. ………….. …………..

The architecturally impressive modern design and the diverse amenities of the property dispel the general perception of affordable living space as undesirable. In addition to 107 units – 90 percent of which are rent-restricted or income-dependent – the complex offers a fitness center, a roof terrace with a view of the whole city, a parking lot covered with solar cells and an internet café lounge.

AHA, meanwhile, celebrated the redevelopment of the Rio Vista Apartments, the city’s first new construction of an apartment building funded with Low Income Housing Tax Credits, and the first expansion of affordable rental units owned by AHA since 1986.

Albuquerque’s visionary investments in these properties come at a time when developers across the country are buying affordable housing developments and converting them into higher-market homes whose rents are out of reach for many working families and seniors. Public support for quality, affordable housing in Albuquerque shows that it is possible to combat the “not in my backyard” attitude of critics in the US who would otherwise severely limit housing options for many low- and middle-income households.

CDT and industry leaders commend Albuquerque’s pioneering strategies for maintaining and promoting new quality, affordable housing. We encourage more communities to take note of the progressive achievements of Duke City.

Comments are closed.