Business View Civil and Municipal l January 2023

6 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 The first step, which was announced at a public meeting earlier this month, will be to purchase and convert a hotel next year into housing units for 1,000 unhoused and low-income residents sometime. Along with hotels and motels, city administrators also want to convert “at least 10” commercial and office space to create another 1,000 new residential units, costing an estimated $5 million, an explainer about the initiative says. Further, by expanding enforcement of nuisance abatement law violations—targeting buildings that are “magnets for crime”—properties can be, where appropriate, appropriated and “converted to housing units,” the statement continues. And beyond this fiscal investment, the initiative makes it “easier for families to stay together on the same property.” Currently, more than 60 percent of Albuquerque’s housing stock is zoned as single-family detached. By updating the city’s zoning code, administrators want to increase the availability and accessibility of “casitas,” or accessory dwelling units, along with in-law quarters and homes for children with special needs. This zoning update will simultaneously provide additional income for property owners and make available more affordable options for renters. The city aims to increase the number of casitas by at least 1,000 units by 2025. Finally, the initiative will modify the current parking requirements to promote higher density housing and more infill, and encourage multi-family dwellings. “We have to deliver for our neighbors from all walks of life so they can live and work in this city. The need for affordable housing has been evident for a long time now, and I’m glad it’s at the forefront so that we can work collectively to change the direction,” said Isaac Benton, president of Albuquerque’s City Council. the report says. This disadvantage impacts a person’s quality of life in many ways that are adjacent to housing security: “Homeowners and the wealth generated around owning a home can include access to educational programming for children, which can in turn impact the opportunity future generations are exposed to.” To address these needs, the “Housing Forward” plan proposes a series of zoning changes that will encourage higher density and create new housing stock. It also incentivizes new multi- unit dwellings, and sets aside money to convert existing buildings into affordable housing units. Supplementing federal and state funding, the City Council appropriated $20 million as part of a Gross Receipts Tax Bond to fund the initiative.