A church in Albuquerque’s International District and a nonprofit are teaming up to take a different approach to the city’s affordable housing crisis by preserving existing units instead of building new ones.
New Creation Albuquerque and the Center for Housing Economics began a $644,000 rehabilitation Monday, Nov. 17, on a 63-year-old, seven-unit apartment complex at 609 Chama Street SE. The project will keep rents at $550 a month — about half the International District’s $900 to $1,100 market rate, according to New Creation — and aims to prevent displacement that often follows private investors’ renovations and rent hikes.
The work is funded with $624,444 in state capital outlay from nine Democratic lawmakers from the metro area and Innovation Fund dollars for structural upgrades such as a new roof, windows, and heating and cooling improvements, according to Roger Valdez, executive director of the Center for Housing Economics, which is partnering on the project. Construction is expected to wrap up in early 2026.
“This is an opportunity for us to demonstrate how local dollars can help local people solve local housing challenges,” Valdez said. “This project uses capital outlay funds from legislators as well as Innovation Fund dollars to preserve existing affordable housing at a cost that’s far less than building new units.”
Valdez said capital outlay rarely goes toward preservation because projects often stall after the money is awarded. He said this rehab is meant to show that capital outlay can move faster and more efficiently than federal funding. Housing New Mexico, formerly known as the New Mexico Mortgage Finance Authority, serves as the fiscal agent, according to the organization..
“It’s local money solving local problems for local people,” Valdez said.
Other recent affordable housing work in the International District has centered on new construction. That includes the 70-unit Somos project that broke ground in June and a federal $50 million Choice Neighborhoods grant aimed at building 100 units.
According to New Creation, the upgrades are expected to save residents a combined $7,200 a year in energy costs.
New Creation also operates the city’s only Safe Outdoor Space for people experiencing homelessness.
“This project enables our neighbors and their families to continue to experience the safety, stability and dignity of ‘home,’” said Jesse Harden, pastor at New Creation, in a statement. “Something we all long for.”
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This is a really great approach, which should be replicated across the City