Affordable Housing Bonds – From KRQE

Shall the City of Albuquerque issue $3,333,000 of its general obligation bonds in support of the Workforce Housing Act to provide resources for the construction and rehabilitation of high quality, permanently affordable housing for low to moderate-income working families, including affordable senior rental?

Affordable Housing – $3,300,000

1% for Public Art – $33,000

What is the Workforce Housing Trust Fund?

In 2007, the City of Albuquerque established a Workforce Housing Trust Fund through its Workforce Housing Ordinance to assist in affordable housing development. Each bond cycle it contributes to this Trust Fund in order to contribute to increasing affordable housing in the city. The Trust Fund provides gap financing for affordable housing projects, and can do many other things to support affordable housing development such as land banking vacant property for future development.

Does Albuquerque need more affordable housing?

Yes! Rent prices are surging in Albuquerque. In the last year, rents have increased by 17% in Albuquerque, much faster than the national increase of 11% (KOB4, September 3, 2021). According to a 2020 report by the Urban Institute, Albuquerque needs an additional of 15,500 rental units affordable t people with extremely low incomes and 2,200 units of permanent support housing.

How will this impact my community?

Voting YES will contribute funds to the Workforce Housing Trust Fund which builds housing affordable for teachers, grocery store and restaurant workers, medical and dental assistants, college students, children, seniors, people with disabilities and the others who find housing too expensive. Black, Brown and Indigenous neighbors are more likely be in jobs which pay too little in Albuquerque’s housing market.

What are the benefits?

Voting YES will increase the wellbeing of our neighbors and community members by housing families. Stable and affordable housing lets people focus on work, school, health and well being. This investment also create construction jobs and leverages private investment.

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