22-04-2025
‘Housing Forward Fund' to bring over 1,000 affordable housing units to Albuquerque
ALBUQUERQUE, N.M. (KRQE) — An initiative by One Albuquerque is expected to bring over 1,000 affordable-housing units to Albuquerque. The 'Housing Forward Fund' consists of $23 million for addressing Albuquerque's housing supply.
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Here's a look at the funded projects:
'Los Altos Lofts ($6.2M) – The City converted a former motel on Hotel Avenue, near Lomas and Eubank, into 90 affordable housing units. 86 units are leased, with multiple applications pending for the remaining units.
West Mesa Ridge ($8M) – Funding was awarded to YES Housing's West Mesa Ridge affordable housing development. The 128-unit project at 701 Coors NW includes affordable one-, two-, and three-bedroom apartments.
Beach Apartments Staircase Repairs ($3.3M) – The City is working toward the reconstruction of 42 staircases.
Energy Efficiency Upgrades ($1.5M) – Improvements to 594 City-owned units to reduce costs for residents and the environmental impact. This is being achieved through a contract with ICAST.
Commercial Property Conversions ($3M) – Supporting projects that transform underused commercial spaces into housing. This includes redeveloping the Wells Fargo building at Lomas and Third into about 100 affordable housing units. Funding will also go to the Park Central Apartments, a vacant office building at Central and San Mateo. Once completed, the building will be transformed into 155 housing units.'
The fund is compromised of $20 million in gross receipts tax and $3 million in general funding.
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