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City of Albuquerque
File #: EC-20-117   
Type: Executive Communication Status: Filed
File created: 8/3/2020 In control: City Council
Final action: 9/9/2020
Enactment date: Enactment #:
Title: 2019 Workforce Housing Trust Fund Report
Attachments: 1. EC-117
Date Action ByActionResultAction Details
9/9/2020 City Council Receipt Be NotedPass Action details
8/17/2020 City Council Accepted with a recommendation Receipt Be Noted  Action details
8/10/2020 Finance & Government Operations Committee Sent to Council with a recommendation of Receipt Be NotedPass Action details
8/3/2020 City Council Received and Referred  Action details
8/3/2020 President Referred  Action details

 

 

INTER-OFFICE MEMORANDUM                                                                                    July 7, 2020

 

TO:                                          Pat Davis, President, City Council

 

FROM:                     Timothy M. Keller, Mayor

 

SUBJECT:  title

2019 Workforce Housing Trust Fund Report                     

body

 

The 2019 Workforce Housing Trust Fund (WHTF) Report provides a summary of the overall achievements of the WHTF Program for calendar year 2019, and provides an in-depth look into what makes the program so successful.

 

WHTF dollars are often used as gap financing for multi-million dollar housing development projects. These funds make it easier for housing developers to bring in other investors and reduce the amount of high interest loan that they would otherwise have to take. This in addition to allowing the developers to incorporate long term energy efficient amenities into their designs help keep the housing affordable for longer periods of time.

 

The Workforce Housing Trust Fund Program is funded by a biannual voter approved

City bond. From 2007 through 2019, $45,738,000 of WHTF bonds have been

approved to further affordable housing opportunities.  The City’s Department of

Family and Community Services has administered the funds by contracting with non-

Profit developers to create new housing opportunities.  Along with its federal grants,

the City has committed nearly $40.9 Million of WHTF to leverage more than

$290 Million in project activities. 

 

 

 

 

 

 

 

SUBJECT:  2019 Workforce Housing Trust Fund Report                                                                    

 

 

 

 

Approved:                                                                                                         Approved as to Legal Form:

 

 

___________________________                                             _______________________________

Sarita Nair                                                    Date                                          Esteban A. Aguilar, Jr.                             Date

Chief Administrative Officer                                                               City Attorney

 

 

 

 

Recommended:

 

 

 

__________________________________________

Carol M. Pierce                                                                                     Date

Director