Mayor Tim Keller, City of Albuquerque | City of Albuquerque
Mayor Tim Keller, City of Albuquerque | City of Albuquerque
The Albuquerque City Council has approved over $9 million in funding for two significant housing developments led by Sol Housing. The funds are directed toward the Somos and Farolito Senior Community projects.
The Somos development, located near Central and Louisiana, will receive three awards through two grants. It includes $1 million from the American Rescue Plan Funding and more than $5.1 million of HOME funding from the U.S. Department of Housing and Urban Development. These funds were part of a competitive request for proposal process conducted by the City in 2023 and 2024. The project is set to create 70 new housing units, including 59 designated as affordable, along with commercial spaces.
The Farolito Senior Community will receive $3 million in additional funding through the American Rescue Plan Act (ARPA) awarded in 2024. Located in the East Gateway Neighborhood at Central and Eubank, this development is under construction and aims to offer 82 affordable housing units for seniors.
Mayor Tim Keller stated, "We’re making strategic investments to confront Albuquerque’s housing crisis and deliver real solutions for families and seniors in need, including folks living on fixed incomes. These funds ensure that over 100 households will have access to safe, affordable housing.”
Joseph Montoya, Deputy Director of Health, Housing and Homelessness, expressed the importance of the funding: “Funding for both projects are expected to help offset the ongoing increases in construction costs and recent tariffs.”
The National Association of Home Builders reported price increases of over 30% in residential construction inputs since January 2021. Proposed tariffs on imported materials could further impact costs, possibly delaying projects and affecting housing supply and affordability.
Felipe Rael, Executive Director of Sol Housing, shared the organization's longstanding commitment, saying, “Sol Housing has been invested in the city through our housing development over the last 32 years, and we are pleased to continue our commitment to quality, stable housing for all.”
Construction of the Farolito Senior Community is expected to complete by April 2026, with the Somos project projected to finish in December 2026.
Alerts Sign-up