Housing Crisis in Santa Fe

The state of New Mexico today faces a housing shortage that is a very concerning issue for all authorities seeking to provide a reliable and certain solution to all residents of the different cities that make up the state.

From statements by the representative of the city of Santa Fe, it is clear the urgency that its residents have, particularly in obtaining housing. It is specifically this city that demands the most protective measures and affordable housing from the state.

In response to this current issue, the officials of the New Mexico state administration, along with federal authorities and several local nonprofit organizations, have created the New Housing Tax Credit Law.

This new legislation aims to provide working families in the state with the opportunity to have their own home. Likewise, the administrators intend, through the federal resources obtained, to increase the supply of housing so that more and more residents of the state can have a decent and suitable home to live in and raise a family.

From the federal resources obtained by the state, the city of Santa Fe has managed to secure over one million dollars so that, through Santa Fe Habitat for Humanity, a community of approximately 30 homes for working families with mixed incomes can be developed.

In addition to this, the New Housing Tax Credit Law seeks to provide financial assistance to those families that do not have sufficient resources for the down payment and, at the same time, aims to incentivize housing developers to shift their focus to building properties intended for Santa Fe residents with low or mixed resources.

As a consequence of the housing crisis that the city of Santa Fe has been experiencing, many fearful builders and investors chose not to continue constructing properties in the city, and due to concerns that the low dynamics of the real estate market could generate significant losses or a poor return on investment, they left.

Therefore, authorities believe that focusing on motivating builders is another vital way to revive the real estate market in the city, as their help could increase the supply of housing and meet the demand of the needy population.

As with any housing strategy, it is necessary to meet certain requirements or criteria to participate in the housing or benefits provided by Santa Fe Habitat for Humanity. According to the new law, anyone wishing to apply for housing in the city of Santa Fe must live or work there, must prove to the organization their need for a home, and must commit to a certain number of hours to work on the construction of the new project.

Available foreclosures:

Santa Fe: 12 homes available.

By Elías DaSilva | 05 de Noviembre de 2024.