ALBUQUERQUE, N.M. (KRQE) – The city is pushing to build a low-income apartment complex in the North Valley. The mayor’s office said it’s part of a bigger plan to solve Albuquerque’s shortage of affordable housing.
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The city wants a retail project to go along with that affordable housing project on 4th, south of Candelaria. People who work nearby think it could be a big boost for the area. “It would definitely make the area look a little bit better, bring in a lot more people,” Mario Perez stated.
“People need houses and people need to live so it’ll be a good place or a good way to spend money,” Andrew Chewiwi of Albuquerque added.
Monday night, the city’s finance committee voted to provide the city-owned land worth over $1 million and contribute another $3.5 million toward the $18 million price tag.
The complex, called Calle Cuarta, would include 61 affordable rental units and 21 townhomes to rent or own. There is also room in the apartment building for retail on the ground floor.
“For low and moderate-income folks in our community it is getting harder and harder to find a place to live that’s affordable and that includes both apartments as well as purchasing a home that’s affordable to folks with modest incomes,” Lisa Huval with Family and Community Services stated.
Moving forward, the city says it’s looking to invest in a lot more affordable housing developments.
City council still needs to sign off on the agreement between the city and developer Yes Housing. If that happens, the developer is hoping to then get some federal funding, with a goal of breaking ground in early 2023.
Separately, there’s a push in city council to funnel about $25 million from the general budget over the next five years into affordable housing.