Albuquerque City Council sends $9 million to mixed-use, senior housing

The Albuquerque City Council allocated $9 million to two affordable housing projects that aim to increase the supply of homes in the city.

During a meeting on Monday, councilors unanimously approved giving money to Sol Housing to help finance the Farolito Senior Community and Somos, both on East Central.

“This is the last bit of financing we need,” Felipe Rael, executive director of Sol Housing, said during the meeting.

According to a 2021 analysis, Albuquerque is short of meeting the demand for housing by about 13,000 to 28,000 units. When the supply is short, the cost of housing increases, sending more people into homelessness, as shown in peer-reviewed research.

The cost of building homes has increased dramatically in the last half-decade, according to the mayor’s office. The National Association of Home Builders — a national trade association representing the interests of home builders, developers and contractors — estimates that inputs like building materials and labor costs increased by 30% from 2021 to 2024.

Vulnerable groups with less money, such as seniors on fixed incomes, are most affected by a lack of affordable housing. The two projects the council supported are meant to help alleviate the issue.

The Farolito Senior Community will be in the East Gateway Neighborhood, near Central and Eubank. Documents presented to the council show that the community will create 82 affordable units for seniors.

Located near Central and Louisiana in the city-owned lot that used to house Bruce Spruce Cocktail Lounge & Package Liquors, the Somos project will create 70 mixed-use and mixed-income housing units, according to documents presented to the council. The records show that 59 of the 70 will be affordable units with space for commercial enterprises.

Both projects are expected to be completed in mid-to-late 2026.