ALBUQUERQUE, N.M. (KRQE) –Trying to keep the supply of affordable housing in Albuquerque, the city is now stepping in helping pick up the tab when bad renters leave landlords with costly damage. “It is extra security for landlords,” said Monique Molina, Area Manager for Pacific Capital Management.
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That extra security is more than a half-million dollars the city of Albuquerque is now offering to property managers to attract more affordable housing rentals.
“We’re really excited for what we believe is an instrumental project to getting people housed,” said Abigail Stiles, Senior Policy Analyst for Albuquerque City Council.
The Landlord Engagement Program is designed to help landlords repair damaged properties that may have been left by tenants on housing vouchers. The program covers up to $3,000 worth of repair, $1,000 to bring a property up to inspection standards, and more money if a unit can’t be rented out for some time.
Some management companies think it will help keep units available for low-income tenants. “It really benefits us to be able to turn it and bring someone else in there and it also benefits that resident to be able to take leave on good standing and be able to go into their next home with no debt,” said Molina.
“The program acknowledges the role landlords play in ending homelessness and it partners with them to see they have addition support when they open their doors,” said Albuquerque City Councilor Brook Bassan.
The city says around 85% of rentals in Albuquerque are independently owned and hopes the program entices more voucher rentals. “We did find there was a lot of mom and pop landlords who don’t necessarily know all of the different systems that are associated with housing that are nervous to rent to voucher holders. From past experiences from word of mouth or stigma of the voucher itself,” said Stiles.
Right now, the city says it takes three to nine months for someone with a housing voucher to find an available unit. They hope this program can reduce that wait time.
Bernalillo County launched a similar program this year that’s still offering up to $7,500 per unit. So far, 26 claims have funneled over $100,000 in repair funds.
