New Mexico Housing Office Seeks $97M as Analysis Finds Affordable Homes Held by Higher-Income Owners
New Mexico's Office of Housing plans to request roughly $97 million in the upcoming legislative session, according to Source New Mexico's reporting, mostly for gap financing to make affordable housing construction pencil out. The office paired the request with a new analysis showing 65 percent of the state's affordable homes are owned by households that could afford more expensive housing. Officials say New Mexico lacks at least 50,000 units affordable to low- and moderate-income households, and about 60 percent of households in that range are cost-burdened. In Albuquerque, a single multifamily apartment costs about $348,000 to build but would need to cost $275,000 to be affordable to a tenant at 80 percent of median income, a gap the office wants state subsidy to close. The request includes $50 million in developer grants and $30 million in capital outlay, and will be weighed by lawmakers in the upcoming session.