Sun’s Out, Funds Out
The Health, Housing & Homelessness Department is kicking off a ‘Summer of Housing Funding’ with new financing opportunities for affordable housing developers open for applications in June, July, and September. The first Request for Proposals (RFP) opened June 1, 2024 and developers have until to July 1, 2024 to apply.
“As Albuquerque heats up, it’s the perfect time to get some money out the door. We hope that announcing our schedule of funding opportunities will help our development partners plan and finance upcoming projects,” said Deputy Director of Housing Joseph Montoya. “Developers who apply for City funding this summer will be set up perfectly to leverage other funding opportunities from the State and Federal government.”
The City of Albuquerque typically contributes no more than 20% of the total cost of an affordable housing development, and is among the first-sought sources of funding from developers looking to leverage tax credits through the New Mexico Mortgage Finance Authority.
“To address our housing needs and make sure all of our families have access to a home that fits their budget, we know we need to be building more housing,” said Mayor Tim Keller. “The City is putting up the money to make sure we get more projects in the pipeline for all of Albuquerque. ”
Schedule of upcoming housing RFPs:
- June 1, 2024 – $4 million available in gap financing for affordable rental housing. Open now! Apply by July 1, 2024.
- July 1, 2024 – $2.7 million available in gap financing for affordable housing.
- July 1, 2024 – $9.4 million available in gap financing for affordable housing.
- September 2024 – $4.2 million for Senior Housing projects, exact date to come.
- September 2024 – Package of City-owned land and $2.7 million in gap financing to develop affordable housing, exact date to come.
All open RFPs will be found on the City's Bonfire eProcurement portal, cabq.gov/bid.