Albuquerque City Council Appropriates Over $7.5 Million for Affordable Housing Projects in Downtown and Barelas

ALBUQUERQUE, NM – The Albuquerque City Council has passed R-25-177, a measure to appropriate $7,562,000 in State Capital Outlay funding to three specific affordable housing projects in City Council District 2. The funding, originally allocated to the City through House Bill 450 during the 2025 Legislative Session, is designated for projects in the Downtown and Barelas areas. Governor Michelle Lujan Grisham, New Mexico Speaker of the House Javier Martinez, Senator Micaela Debbie O’ Malley, and House Majority Whip Dayan Hochman-Vigil have each supported the projects.

The resolution, sponsored by District 2 City Councilor Joaquín Baca, allocates Capital Outlay funding from the State to projects that are designed to increase the number of affordable, transitional, and supportive housing units. The projects are contingent upon being formally designated as "Qualifying Grantees" and receiving final approval from the Mortgage Finance Authority (MFA) and the New Mexico Department of Finance/Local Government Division.

The three projects identified to receive funding are:

• Lomas Towers Apartments: A $5 million appropriation for a major adaptive reuse project that will convert approximately 85% of the 14-story Lomas Towers building into 100-120 workforce housing apartments. This project aims to address the city's housing shortage by creating attainable housing for households earning 80% or less of the area median income while also revitalizing the downtown area with new residential and commercial spaces.
• The Romero: A $1,931,249 appropriation for a community-driven development in Barelas. This project will create 69 affordable apartments for households earning between 30% and 80% of the area median income. The development will also include 7,521 square feet of commercial space and several live-work units, fostering local entrepreneurship and creating a new mixed-use hub.
• GIZMO Artspace: The resolution allocates $630,751 for the GIZMO Artspace project, specifically for elevator and facade renovations. This initiative seeks to transform a downtown building into an arts hub that will also provide six affordable, arts-based therapeutic reentry housing units for young adults transitioning from incarceration, offering on-site counseling and career development opportunities.

The City Administration is directed to facilitate the process of determining these projects as Qualifying Grantees and to submit them to the MFA for final review and approval no later than October 15, 2025.

"These projects represent a significant investment in our community, directly addressing the critical need for affordable housing," said Councilor Baca. "By leveraging state funding, we are supporting innovative developments that not only provide homes for our residents but also contribute to the economic and social vitality of the Downtown and Barelas neighborhoods."