A church in Albuquerque’s International District and a nonprofit are teaming up to take a different approach to the city’s affordable housing crisis by preserving existing units instead of building new ones.
New Creation Albuquerque and the Center for Housing Economics began a $644,000 rehabilitation Monday, Nov. 17, on a 63-year-old, seven-unit apartment complex at 609 Chama Street SE. The project will keep rents at $550 a month — about half the International District’s $900 to $1,100 market rate, according to New Creation — and aims to prevent displacement that often follows private investors’ renovations and rent hikes.
The work is funded with $624,444 in state capital outlay from nine Democratic lawmakers from the metro area and Innovation Fund dollars for structural upgrades such as a new roof, windows, and heating and cooling improvements, according to Roger Valdez, executive director of the Center for Housing Economics, which is partnering on the project. Construction is expected to wrap up in early 2026.
“This is an opportunity for us to demonstrate how local dollars can help local people solve local housing challenges,” Valdez said. “This project uses capital outlay funds from legislators as well as Innovation Fund dollars to preserve existing affordable housing at a cost that’s far less than building new units.”…