ALBUQUERQUE, N.M. (KRQE) – The federal income limit for affordable housing has increased, meaning more families in Albuquerque can qualify for city-sponsored housing assistance.
“When we fund a new affordable housing development, it often becomes a beautiful show piece in a neighborhood,” Albuquerque Deputy Director of Housing Joseph Montoya said in a press release. “The good news is that this year, HUD is catching up to inflation and more families can qualify to live in these high-quality places that ensure their housing costs stay affordable.”
Each year, the U.S. Department of Housing and Urban Development (HUD) sets income limits for who can receive housing benefits. In Albuquerque, those earning less than 80% of the HUD-determined median income of an area are considered to be low and moderate income earners. Those earners and families can qualify to live in designated affordable housing units, where the rent is capped.
Albuquerque has multiple developments focusing on providing housing to low and moderate income families. For example, El Vado Place, The Sundowner, the Sterling Downtown, PAH! Hiland Plaza, and Los Altos Lofts cap rent at no more than 30% of a qualifying resident’s (or family’s) gross adjusted income, the city says.
The newest limits from HUD can be found on the city’s website. The new numbers pin Albuquerque’s single-earner area median income at $60,500. That’s an increase of $4,500 compared to last year.
