Report: Critical Investments Made Through the Housing Forward Fund
Albuquerque - A new report highlights the critical investments made in affordable housing through the Housing Forward Fund.
The $23 million fund comprises $20 million from the gross receipts tax and $3 million in general funding. Every dollar from the fund is now committed to projects, ranging from energy efficiency upgrades at existing affordable housing developments to the City’s first motel conversion project, Los Altos Lofts.
“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,” said Health, Housing and Homelessness Deputy Director Joseph Montoya. “While there is an urgent need for additional funding to meet the needs of our community, these projects are a step in the right direction.”
The list of projects funded includes:
- Los Altos Lofts ($6.2M) – The City converted a former motel on Hotel Avenue, near Lomas and Eubank, into 90 affordable housing units. 86 units are leased, with multiple applications pending for the remaining units.
- West Mesa Ridge ($8M) – Funding was awarded to YES Housing’s West Mesa Ridge affordable housing development. The 128-unit project at 701 Coors NW includes affordable one-, two-, and three-bedroom apartments.
- Beach Apartments Staircase Repairs ($3.3M) – The City is working toward the reconstruction of 42 staircases.
- Energy Efficiency Upgrades ($1.5M) – Improvements to 594 City-owned units to reduce costs for residents and the environmental impact. This is being achieved through a contract with ICAST.
- Commercial Property Conversions ($3M) – Supporting projects that transform underused commercial spaces into housing. This includes redeveloping the Wells Fargo building at Lomas and Third into about 100 affordable housing units. Funding will also go to the Park Central Apartments, a vacant office building at Central and San Mateo. Once completed, the building will be transformed into 155 housing units.
“Addressing the housing crisis begins with critical investments to make housing more affordable and energy efficient,” said Mayor Tim Keller. “These projects will have a lasting impact on families, offering peace of mind, stability, and a secure foundation.”
The Department of Health, Housing, and Homelessness is continuing to prioritize creating more affordable housing. The recent studies below support these efforts by demonstrating that building more affordable housing is the key to addressing homelessness.
Recent Studies: