Santa Fe County Commissioners have taken a significant step towards addressing the affordable housing crisis by approving legislation to create an innovative program. This program aims to encourage the construction of more affordable housing and provide opportunities for developers to apply for grants or loans. By donating land or buildings, the county is further supporting the development, rehabilitation, and preservation of affordable housing. Let's explore how this program will offer a blueprint for creating affordable housing and benefit low- to moderate-income households in Santa Fe County.
Creating Opportunities for Developers
Learn how the new program will provide grants and loans to developers to support the development of affordable housing.
The approved legislation establishes a process for developers to apply for grants or loans to develop, rehabilitate, or preserve affordable housing in Santa Fe County. This financial support can be used for acquiring land, existing buildings, or other real property for affordable housing projects.
Developers can also utilize the grants or loans to convert non-affordable housing buildings into affordable housing projects or rehabilitate existing buildings dedicated to affordable housing. This program aims to provide the necessary resources and incentives for developers to contribute to the affordable housing supply in the county.
Donating Land and Buildings
Discover how the county's donation of land and buildings will facilitate the construction of affordable housing.
In addition to grants and loans, Santa Fe County is taking a proactive approach by donating land or buildings to developers for the purpose of constructing affordable housing. This initiative aims to address the scarcity of available land and reduce development costs for affordable housing projects.
By providing developers with these valuable resources, the county is fostering partnerships and streamlining the process of creating affordable housing options for low- to moderate-income households.
Defining Affordable Housing Projects
Understand the criteria and income thresholds that define an affordable housing project in Santa Fe County.
The program defines an affordable housing project as any work that primarily provides housing for low- to moderate-income households. These households earn less than 120% of the area's median income.
By setting clear criteria, Santa Fe County ensures that the program targets those in need of affordable housing and creates opportunities for individuals and families who may otherwise struggle to find suitable housing options within their budget.
Conclusion
The approval of the innovative program by Santa Fe County Commissioners marks a significant step towards addressing the affordable housing crisis in the county. By providing grants, loans, and donating land or buildings, the program creates opportunities for developers to contribute to the construction of affordable housing. This initiative will help meet the housing needs of low- to moderate-income households and provide a blueprint for creating sustainable and inclusive communities.
FQA
What types of projects can developers use the grants and loans for?
Developers can use the grants and loans to acquire land, existing buildings, or other real property for the development, rehabilitation, or preservation of affordable housing. They can also convert non-affordable housing buildings into affordable housing projects or rehabilitate existing buildings dedicated to affordable housing.
How does the donation of land and buildings facilitate affordable housing construction?
The county's donation of land and buildings reduces development costs and addresses the scarcity of available land for affordable housing projects. By providing developers with these resources, it streamlines the process and encourages the construction of affordable housing options.
Who qualifies for affordable housing projects under this program?
The program defines an affordable housing project as housing primarily for low- to moderate-income households, earning less than 120% of the area's median income. This ensures that the program targets those in need of affordable housing and creates opportunities for individuals and families within their budget.