City of Albuquerque: Affordable Multi-Family Rental Housing Development
The City of Albuquerque will provide funding to innovative and effective proposals to develop multi-family rental units to further affordable housing opportunities to households at or below 80% of the Area Median Income (AMI). Affordable Housing project must be located within the Albuquerque city limits and conform to areas and criteria stipulated in the City’s 2018-2022 Consolidated Plan and 2019 Annual Action Plan submitted to the U.S. Department of Housing and Urban Development (HUD). The proposed development will provide that a minimum of 51% of all units are affordable to households at/or below 80% AMI. Proposed affordable housing development projects need to demonstrate the capacity to obtain additional project financing from available sources such as the Low Income Housing Tax Credit Program, other HUD Programs, bank loans, etc. The development should be pedestrian friendly and designed to create a sense of community through a site plan including building arrangement, amenities, onsite service coordination, and open space appropriate to the needs of populations to be served.
The City recently completed a series of City-wide Community Needs Assessments. The City sought input from Albuquerque residents and program stakeholders by circulating the Housing and Community Development Survey to rate the need in Albuquerque for additional or improved housing facilities, housing services, infrastructure, community facilities, community services, special needs population services, and business and job services of low-income individuals and families, homeless individuals and families, and youth and/or other persons with special needs. Although these are not the only populations that are eligible for and the focus of City funding, they are priorities. Therefore, when applicable to the specific project, address in the proposal narratives how proposed projects will support the Department in meeting the identified priorities.
Amount: Approximately $5,116,249 is available. Award amounts are not listed.
Eligibility: An agency which is a unit of state or local government and/or an agency currently incorporated as a nonprofit corporation, duly registered and in good standing with the State of New Mexico Public Regulation Commission, which has not-for-profit status under 501(c)(3) of the U.S. Internal Revenue Service Code and which has demonstrated capability in providing the services for which it is applying.
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