Short Description
Santa Fe County is addressing its housing crisis with a new project, Nueva Acequia, aiming to establish 159 affordable units. The initiative represents a significant public-private partnership that could reshape local housing.
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2 minutes and 45 seconds
Main Article
In response to an escalating affordable housing crisis, Santa Fe County is actively pursuing funding to launch Nueva Acequia, a transformative residential development designed to create 159 affordable housing units within city limits. Spearheaded by County Manager Gregory Shaffer, the project is a public-private partnership situated on land owned by the county at 0 Camino de Jacobo, near Airport Road. If funding goals are successfully met, construction is expected to commence next year, with an official completion date projected for February 2028.
The county commissioners recently authorized Shaffer to pursue up to $3 million from the city of Santa Fe’s Affordable Housing Trust Fund, a crucial step toward realizing this ambitious plan. Notably, Nueva Acequia is positioned to be the county’s first fully affordable multifamily housing project. It will comprise 53 units specifically for seniors and 106 units designated for families, aimed at households earning between 30% and 80% of the area’s median income. This approach directly addresses a growing need for deeply affordable housing in the region.
District 1 Commissioner Justin Greene emphasized that Santa Fe County is taking proactive measures to cater to an often-overlooked segment of the affordable housing market. The county is committed to employing innovative financing mechanisms that can effectively target various community needs. With an estimated project cost of $53.5 million, the county is exploring multiple funding avenues, including tax credits and grants from city, state, and federal sources, in collaboration with TWG Development, LLC—a seasoned real estate developer based in Indiana.
Securing full funding is a critical next step, as is finalizing a development agreement with TWG. The Santa Fe County action plan indicates the urgent necessity for over 6,200 affordable rental units in the community, a statistic underlined by the staggering 58% increase in average rental rates and a 61% spike in single-family home prices from 2016 to 2021. The overarching goal of the Nueva Acequia project is to alleviate these pressing housing issues through a sustainable and collaborative strategy.
Short Summary
Santa Fe County’s Nueva Acequia project aims to combat the ongoing affordable housing crisis by providing 159 units specifically designed for low- and moderate-income families and seniors. This innovative public-private partnership will play a pivotal role in addressing the urgent need for affordable housing options in the region. With proactive measures and diverse funding sources, Santa Fe County hopes to create a sustainable solution for its residents.
