ALBUQUERQUE, N.M. (KRQE) – “We’re over 30,000 units short in terms of amount of housing we have available right now.” said Joseph Montoya, Deputy Director of Health, Housing, & Homelessness. To address that housing need, the city is extending $23 million in “gap” funding this summer to help developers start-up on a lot of new affordable housing projects throughout Albuquerque.
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The Calle Cuarta development is one of the city’s most recent “gap” funded projects.
The under-construction complex at Fourth and Candelaria will eventually have 61 apartments and some retail space. “We’re hoping that really helps revive and continues to invest in that particular part of town,” said Montoya.
That development is exactly what the city hopes to see more developers apply to build this summer. The $23 million available could help fund at least five different projects, including some senior-focused affordable housing.
Typically, the city says it takes about three years to get one of these kinds of projects off the ground after asking developers to apply. “There’s a fairly lengthy process and you know you really need to get prepared. You need to be able to assist in putting your architects together, your developer designer teams, your builder teams to be able to apply these funds,” said Montoya.
That funding is a combination of federal grant money and voter-approved bonds. The city believes there’s a lot of interest in getting new projects off the ground. “We have lots of developers in the community who are willing to do the work to get these monies and to be able to provide the housing we need,” said Montoya.
Along with the heat, the summer is also bringing a multi-million-dollar giveaway for affordable housing projects through Albuquerque. The city is opening more than $20 million in project funding over the next three months.
Developers have until July 1 to apply for the first of five project funds worth $4 million. At least four other requests for proposals will open through September.
