Get Your Conversi-ON
Today, the City announced a new funding opportunity to create affordable housing and help the private sector convert hotel and office buildings in and around the International District. Property owners and developers along the Central Avenue corridor between Carlisle and Tramway are invited to submit projects for gap financing and MRA tax credits if they create affordable housing units through conversion of existing structures.
“We’re putting our money where our mouth is to make sure we’re creating housing for Albuquerque families,” said Mayor Tim Keller. “We know conversions are one way to do it, and by putting up this money for the private sector, we’re promoting development in our key redevelopment areas and making sure units stay affordable.”
This Request for Proposals (RFP) offers respondents up to $4 million dollars to support housing projects that add affordable units in the Metropolitan Redevelopment Areas of Central/Highland/ Upper Nob Hill, Near Heights, and East Gateway. Developments that are awarded City funding must guarantee that at least 20% of the units are set aside for households at or below 80% of the Area Median Income for a minimum of 30 years. Additional points will be awarded for projects with community benefits and amenities that make our neighborhoods nicer places to be, such as solar panels, art installations, and landscaping. Priority will also be given for development teams that support local and underrepresented businesses.
“Adding more available housing units is a top priority and this funding allows us to work collaboratively with our partners to bring them online faster,” said District 6 Councilor Nichole Rodgers. “I am dedicated to making sure we maximize the funding opportunities we have to ensure we are meeting the need of our community for safe housing they can afford.”
“When done right, conversions of commercial buildings can turn a neighborhood around,” said District 9 Councilor Renee Grout. “This program is a way for the City to evaluate developer proposals for some blighted properties and make sure the projects will benefit the community while they add to our city’s affordable housing stock.”
“This RFP is the first time we’re joining forces with our colleagues in MRA to leverage both of our departments’ resources for affordable housing,” said Joseph Montoya, Deputy Director of Housing. “We’re continuing to be innovative and use every tool to catalyze development and create the housing our community needs.”
“We're committed to addressing Albuquerque's housing needs head-on by offering substantial support for affordable housing initiatives,” said Terry Brunner, MRA Director. “Through this funding opportunity, we're encouraging property owners and developers to play a crucial role in expanding housing options in a number of Metropolitan Redevelopment Areas where there are housing shortages.”
This RFP is part of the Albuquerque Housing Forward initiative to increase housing supply and access for all, and builds upon zoning changes passed in 2023 to make hotel and office conversions easier and more cost effective for all developers.
Proposals will be accepted until April 24, 2024 and the full RFP can be viewed and submitted on MRA's webpage.