More Families Can Qualify for Housing Assistance under New HUD Income Guidelines
The City of Albuquerque has received the 2024 Income and Rent Limits from the U.S. Department of Housing and Urban Development (HUD), which increases the income threshold for families to qualify for affordable housing starting June 1, 2024. HUD performs an annual assessment of Albuquerque’s Median Family Income, which is used to set qualification standards and rent limits for federally funded housing developments and programs.
“When we fund a new affordable housing development, it often becomes a beautiful show piece in a neighborhood,” said Deputy Director of Housing Joseph Montoya. “The good news is that this year, HUD is catching up to inflation and more families can qualify to live in these high-quality places that ensure their housing costs stay affordable.”
An income-qualifying person or family living in a development such as El Vado Place, The Sundowner, the Sterling Downtown, or PAH! Hiland Plaza has their rent set to be no more than 30% of their gross adjusted income, as shown by the bottom table.
“These numbers really help demystify who we are serving with affordable housing developments, deposit assistance, and other programs,” said HHH Director Gilbert Ramirez. “All of our programs are available to people at or below 80% of the median income, which includes teachers, single parents, public employees, service workers, and more.”
“We launched the Housing Forward ABQ initiative because we know that across our community, people need help getting safe, stable housing,” said Mayor Tim Keller. “We’re going to keep supporting programs that connect people to resources, while building up the affordable housing supply to be able to meet our needs.”
Affordable housing resources can be found on the city’s website.
2024 Income and Rent Limits (PDF).
2024 Adjusted Income Limits by Household Size (HUD)
| % of AMI | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person |
|---|---|---|---|---|---|---|---|---|
| 30% of AMI | $18, 150 | $20,750 | $23,350 | $25,900 | $28,000 | $30,050 | $32,150 | $34,200 |
| 50% of AMI | $30,250 | $34,600 | $38,900 | $43,200 | $46,700 | $50,150 | $53,600 | $57,050 |
| 60% of AMI | $36,300 | $41,520 | $46,680 | $51,840 | $56,040 | $60,180 | $64,320 | $68,460 |
| 80% of AMI | $48,400 | $55,300 | $62,200 | $69,100 | $74,650 | $80,200 | $85,700 | $91,250 |
| Area Median Income | $60,500 | $69,200 | $77,800 | $86,400 | $93,400 | $100,300 | $107,200 | $114,100 |