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City of Albuquerque
File #: EC-22-116   
Type: Executive Communication Status: Filed
File created: 8/1/2022 In control: City Council
Final action: 10/3/2022
Enactment date: Enactment #:
Title: 2021-2022 Workforce Housing Trust Fund Report
Attachments: 1. EC-116
Date Action ByActionResultAction Details
10/3/2022 City Council Receipt Be NotedPass Action details
10/3/2022   Receipt Be Noted  Action details
9/19/2022 City Council Accepted with a recommendation Receipt Be Noted  Action details
9/12/2022 Finance & Government Operations Committee Sent to Council with a recommendation of Receipt Be NotedPass Action details
8/1/2022 City Council Received and Referred  Action details
8/1/2022 President Referred  Action details

 

 

INTER-OFFICE MEMORANDUM                                                                                                         June 14, 2022

 

TO:                                          Isaac Benton, President, City Council

 

FROM:                     Timothy M. Keller, Mayor

 

SUBJECT:                     title

2021-2022 Workforce Housing Trust Fund Report

body

 

The 2021-2022 Workforce Housing Trust Fund (WHTF) Report provides a summary of the overall achievements of the WHTF Program from January 2021 through June 2022, 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 2021, $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 approximately $45 Million of WHTF to leverage more than $315 Million in project activities.