At K2 Omni Group, we work with buyers and investors at all price points—but one thing we hear a lot is: What’s actually considered “affordable” in Albuquerque? That question hits differently depending on whether you’re looking to buy your first home, build a rental portfolio, or secure safe housing for your family.
Let’s break down what affordable housing really means here in the Duke City and what the City of Albuquerque is doing to increase access—because the truth is, this isn’t just a housing issue, it’s a community issue.
What Is “Affordable” Housing in Albuquerque?
HUD defines affordable housing as any home where the cost doesn’t exceed 30% of your household income. That includes your mortgage or rent, plus utilities.
Here in Albuquerque, the number that sets the standard is something called AMI—Area Median Income. In 2024, for example, a household of four earning around $59,000/year (which is 60% of AMI) may qualify for affordable housing programs.
These income limits shift each year, and they vary based on household size, so it’s important to check current numbers—but the point is: affordable housing isn’t just low-income housing. It’s for working families, retirees, young professionals—people across all walks of life who are trying to make it here without being priced out.
What’s the City Doing About It?
Albuquerque’s not ignoring the problem. The city has rolled out a few major initiatives in the last couple years to tackle the housing crisis head-on. Here’s what you should know:
1. Housing Forward ABQ
This is the City’s emergency response to our current housing shortage. Their goal? 5,000 new housing units by 2025.
They’re getting creative—working to convert old motels and empty office buildings into livable housing. They even set aside $5 million to help fund those conversions.
2. The Housing Forward Fund
This is a $23 million pot, funded by gross receipts taxes and city money, meant to support affordable housing projects—from preserving existing properties to building new ones. It’s also how they helped fund the Los Altos Lofts, the city’s first motel-to-housing conversion.
3. The Community Development Division
This team helps manage HUD funding and oversees affordable housing development. They’re behind a lot of the day-to-day progress in making sure those who qualify for assistance actually get access to it.
Workforce Housing Trust Fund
If you’re in real estate or development, this is one to pay attention to. The Workforce Housing Trust Fund (WHTF) has put over $45 million into local housing since 2007—plus another $27 million in federal funding.
Their focus areas include:
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Preserving existing affordable housing (so we’re not just building new but keeping current supply intact)
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Protecting vulnerable residents like seniors, disabled individuals, and low-income families
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Encouraging homeownership by creating paths for renters to become owners
If you’re an investor, builder, or partner in this space, these funds can help make your project pencil while creating impact.
What’s Coming Next?
Right now, the City Council is backing new developments like Somos Apartments and Farolito Senior Community—two projects that are bringing affordable senior housing online, with over 100 units between them.
They’re also looking at zoning changes to allow more two-family homes in areas that were previously restricted to single-family homes. That could be a game changer for density, affordability, and multi-gen living.
Why This Matters (and How K2 Omni Group Can Help)
Whether you’re a buyer trying to figure out if you qualify for assistance, an investor looking to partner on affordable housing, or a community member trying to understand how this affects your neighborhood—this isn’t just policy talk.
This is about keeping Albuquerque livable, accessible, and growing in the right direction. And if you need someone to help you navigate the housing landscape—whether that’s through local grants, HUD-backed lending, or smart investment strategies—we’re here for that.
Let’s build something that lasts.
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Want to talk housing strategy or learn more about affordable programs in your area? Call, text, or DM us. K2 Omni Group is here to help.
