March 1, 2022 –
The Santa Fe City Council on Wednesday unanimously approved funding for four projects from its Affordable Housing Trust Fund meant to help improve and support rental and homebuying opportunities for low-income residents.
Every year entities can submit applications to the city for assistance from the fund to help support a variety of affordable housing initiatives. The city’s Community Development Commission receives and vets the applications before making recommendations to the City Council.
According to a city memo, the city received six applications, totaling $4.8 million; the trust fund is funded at $3 million for the current fiscal year.
For every $1 the city awards, an applicant must provide at least $3 from other sources.
According to a city memo, the largest request came from the nonprofit Homewise, which was seeking $1.6 million to help subsidize home ownership costs for its Casa Pacifica, Los Canales and Desert Sage properties.
The commission decided to approve $700,000 for the 14-unit Los Canales development. The project will add five new units to nine existing units at a roughly two-acre site at 2190 W. Alameda St.
The City Council gave Los Canales the green light in January, but to clear the way for the infill project, the Planning Commission had to approve a request to change the site zoning from R-5 (five dwelling units per acre) to R-7 (seven dwelling units per acre).
The funds will be used to help reduce the market sale price to an affordable “effective rate sales price” for borrowers at or below 120 percent of the average median income.
New York-based homeless nonprofit Community Solutions received the largest award at $910,000 for costs associated with lighting, flooring, repainting and other upgrades at
Santa Fe Suites.
The city, alongside the New Mexico Mortgage Finance Authority and the New Mexico Coalition to End Homelessness, worked with Community Solutions to purchase the former extended stay hotel, which now provides 123 units of affordable housing for low-income residents.
The Santa Fe Civic Housing Authority was awarded $500,000 to replace roofing and flooring at the Paseo Del Sol Apartments, as well as replace or repair heaters, doors, hot water heaters and cabinets.
According to a city memo, the funding will help keep 80 units of affordable housing —
40 two-bedroom and 40 three-bedroom units — affordable for households earning at or less than 60 percent of the medium income.
Another $90,000 was awarded to the nonprofit YouthWorks to help provide financial assistance — including rent and deposit help and utility expenses — to very low-income youth and their families, according to a city memo.