ALBUQUERQUE, N.M. (KRQE) – With a legislative session flush with funds on the horizon, Albuquerque is asking for $50 million to support housing in the state’s biggest city. In an announcement Wednesday, city leaders point to a “housing crisis” as evidence that the funds are needed.
“We are facing a housing crisis that affects people from all walks of life. This is the time to step up to address the crisis head on,” Mayor Tim Keller said in a press release. “Together, we can secure a future that’s affordable for Burqueños and their families.”
At the heart of the request is a proposed collaboration between Albuquerque and Bernalillo County to create a joint housing authority. Officials say it could unlock new revenue streams and help the city, but first, legislators have to approve the collaboration.
“This partnership between City and County is critical to address the housing challenges that are affecting people throughout our region,” Eric Olivas, the Bernalillo County commissioner for District 5, said in a press release. “Having the scale of the City and the County combined with private and non-profit partners will be crucial as we step up to meet this immediate crisis.”
The City of Albuquerque says they’re facing a shortage of up to 30,000 housing units. In the last year, the city’s housing market became strained as rent and real estate prices skyrocketed. In response, the City launched “Housing Forward ABQ,” an emergency initiative to increase the number of housing units available.
Now, the City wants $50 million to spur on projects. In a capital outlay request, they’ve noted that they’ve already secured an additional $39.4 million for construction under the City of Albuquerque Workforce Housing Opportunity Act, the five-year plan to improve housing.