YES Housing works through two affordable housing projects in Albuquerque

Aug. 24—YES Housing Inc. aims to bring more affordable housing to the Duke City and is working through two projects — one in the construction phase and the other in planning — to do just that.

The projects — Calle Cuarta in the North Valley and West Mesa Ridge on the West Side — will bring nearly 200 affordable housing units to Albuquerque over the next two years, YES Housing CEO Chris Baca told the Journal earlier this month.

The mixed-use development, Calle Cuarta, is already under construction. It will have more than 60 living units, four live-work units, four retail units and an additional 21 townhomes at 3525 Fourth St. NW, the latter of which will be targeted at those looking at homeownership. Baca said the project should be completed by next year.

The other project, West Mesa Ridge, will get $8 million from the city's Housing Forward ABQ fund. The money was approved by the City Council in early August.

Baca said that funding will help kickstart the roughly $43 million needed to build the development at 701 Coors NW, which will bring 128 one-, two- and three-bedroom units to the West Side.

Baca said YES Housing is looking at other funding options for West Mesa Ridge, including, potentially, from the U.S. Department of Housing and Urban Development as well as Housing New Mexico. He said YES Housing will also likely need to take out a low-interest loan from a bank, known as gap financing, for the project.

YES Housing is hoping for a first-quarter construction start next year, with plans to finish the West Mesa Ridge project by mid-to-late 2026, Baca said. But he said the timelines for both projects are just that — timelines — noting that in construction, other factors can get in the way.

"The units were needed yesterday," Baca said. "But the realities of construction and supply lines and permitting and all those kinds of things that happen along the way forces us to build in some timelines."

Both projects come at an important time for housing in the city.

City officials through their Housing Forward ABQ initiative have said the city is short between 13,000 and 28,000 units, and low-income communities face tougher challenges when it comes to housing options.

A one-bedroom unit is averaging $1,287 as of August and a two-bedroom unit is roughly $1,649, according to rent.com.

At West Mesa Ridge, all units will be made available to low-income renters, according to project documents, specifically those making 60% or below of the area median income. Thirteen units are being subsidized for very low-income households, according to the city. The development will also have a laundry area, exercise room, common kitchen and library.

Albuquerque Mayor Tim Keller in a statement following the city's approval of funding for West Mesa Ridge said affordable housing "is essential for the well-being of our families."

"We are empowering children to learn and grow while providing parents the peace of mind that comes with secure housing," Keller said. "Our commitment to affordable housing is a commitment to the future of Albuquerque. By investing in projects like West Mesa Ridge, we are building a city where every family has the opportunity to succeed."

Baca said the West Mesa Ridge complex, once complete, will also include raised garden beds, where residents can grow and have access to organic produce that helps residents "offset food budgets."

"Not (many) of us can afford to go to Whole Foods," Baca said. "And so what we try to do is produce on site, and it's actually another way to encourage community involvement."

Like West Mesa Ridge, Calle Cuarta will also be available to low-income renters, particularly those making 80% or below of the area median income, Baca said. But that project, like others YES Housing has done, will focus on spurring economic activity, like making spaces available on the first floor to small businesses such as salons or flower shops.

"We do it because we have a double bottom line," Baca said. "One is to bring in more affordable housing. The second part is to bring in community amenities, including economic development — small businesses."