Description
Title: Declaring Support For The Housing Affordability Amendment To The New Mexico Metropolitan Redevelopment Code (Grout)
Summary
The City of Albuquerque's Council Bill M-25-6 expresses support for a proposed housing affordability amendment to the New Mexico Metropolitan Redevelopment Code. This legislation aims to address the ongoing housing crisis by leveraging tax abatements to increase the availability of affordable multi-family housing units for households earning between 70% and 95% of the Area Median Income (AMI). Key findings from various housing assessments highlight issues such as high rental costs and an aging housing stock, underscoring the need for redevelopment incentives, particularly east of the Rio Grande. The Council urges the state legislature to pass this amendment to enhance housing options and improve socioeconomic conditions for residents, making it a significant step towards addressing local housing challenges.