Foreclosure: Albuquerque’s New Affordable Housing Initiative

The former SureStay Hotel, located near Lomas and Eubank and now owned by the city of Albuquerque, is being transformed into Los Altos Lofts, an affordable housing project that will allow many city residents to access more economical housing in a currently tight and low-demand market.

Joseph Montoya, Deputy Director of the Albuquerque Department of Health, Housing, and Homelessness, said in an interview: “We are developing a mixed-income community, which includes people with housing vouchers and those transitioning from homelessness, to provide a home for them and their families.”

The project involves remodeling the 104 rooms of the former hotel to convert them into 90 apartments, including studios and one-bedroom units. Montoya continued explaining: “We are actually removing walls to combine two rooms into one unit to expand the living space for residents, as hotel rooms are usually quite small.”

With these new adaptations, each apartment will include a small kitchen with a full-size refrigerator and an induction cooktop. A great advantage is that many of the hotel’s original amenities, such as the pool, courtyard, and gym, will remain available to residents who access these new units. Additionally, Albuquerque’s social services will provide an on-site service coordinator to teach residents financial education, provide food assistance, and other services.

The city anticipates that residents could begin moving in soon. Joseph Montoya concluded by saying: “Our goal is to contribute to the availability of affordable housing so that all Albuquerque residents can afford to live here.”

The project is costing the city a little over 11 million dollars for the acquisition and renovation of the property.

Available Foreclosures:

Albuquerque: 150 homes available.

By Elías DaSilva | 18 de octubre de 2024.