Summary:

 Senate Bill 232 (SB 232) appropriates five hundred thousand dollars ($500,000) to the Local Government Division (LGD) of the Department of Finance and Administration (DFA) to contract for master planning for permanently affordable housing in the city of Albuquerque.



Related Bills: 
 

Legislation Overview:

 Senate Bill 232 (SB 232) appropriates five hundred thousand dollars ($500,000) from the General Fund (GF) to the Local Government Division (LGD) of the Department of Finance and Administration (DFA) for expenditure in Fiscal Years (FY) 2026 and 2027 to contract for master planning for permanently affordable housing within the Sawmill District in the city of Albuquerque.
Any unexpended or unencumbered balance remaining at the end of FY 2027 reverts to the GF.

 

Current Law:

 Originally the site of the American Lumber Company north of historic Old Town, the Sawmill District is rapidly developing with the addition of another hotel on its edge and the Sawmill Market.
Affordable housing is a function of income and housing costs. The standard for affordability used by the U.S. Department of Housing and Urban Development (HUD) is that housing costs are affordable if they do not exceed 30% of household income. 
Like the for-sale housing market, low vacancy rates and continual growth in rent prices
reflect the strength of Albuquerque’s rental market. Consequently, rental units affordable to low-income households are often occupied by households with higher incomes. The challenge low-income households face finding affordable housing is likely to become more acute as approximately half of the supply of income-restricted rental units could become market-rate units by 2030. Thus, incentives and policies to both preserve existing subsidized rental housing and to build new multifamily properties with long-term affordability requirements is imperative to the housing security of low-income households. Development of market-rate multifamily properties will also reduce rental market pressure for households at all income levels.\
https://housingnm.org/uploads/documents/2023_NM_Affordable_Housing_Needs_Assessment.pdf
According to realtor.com, Albuquerque consists of 204 neighborhoods. There are 2,743 homes for sale, ranging from $5K to $7.5M. The median listing home price in Albuquerque, NM was $365K in December 2024, trending down -1.4% year-over-year. The median listing home price per square foot was $211. The median home sold price was $353.3K.