ABQ Times

A recent report has detailed the significant investments made in affordable housing through Albuquerque's Housing Forward Fund. This $23 million fund includes $20 million sourced from the gross receipts tax and an additional $3 million from general funding. The entirety of the fund has been committed to various projects intended to enhance affordable housing availability and efficiency.

Deputy Director for Health, Housing, and Homelessness, Joseph Montoya, remarked, "One-hundred percent of the Housing Forward Fund will go toward uplifting people by creating more affordable housing units and lowering the cost of utilities." He acknowledged the current funding gap but recognized the projects as progress.

Key projects funded through the initiative comprise the Los Altos Lofts, a motel conversion into affordable housing totaling $6.2M, and YES Housing’s West Mesa Ridge development at $8M. The latter includes 128 units at 701 Coors NW. Additional funding went toward infrastructure updates, including $3.3M to repair staircases at Beach Apartments and $1.5M for energy efficiency improvements on City-owned properties.

Another notable investment is the $3 million directed at commercial property conversions, which aim to recreate spaces like the Wells Fargo building and Park Central Apartments into housing units.

Mayor Tim Keller expressed support for the program, stating, "Addressing the housing crisis begins with critical investments to make housing more affordable and energy efficient." The Department of Health, Housing, and Homelessness remains committed to these goals, as reinforced by recent studies suggesting affordable housing development can help address homelessness.

Recent studies supporting these efforts include the Harvard Presentation, a Housing Needs Assessment, and research by PEW.