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Increasing Housing Affordability in the City of Albuquerque
In response to Workforce Housing and Affordable Housing legislation in Albuquerque, the Board of Directors adopted an official Housing Affordability position. As an association there was a need to show that our membership is supportive of Affordable Housing, but most importantly protecting and preserving housing affordability overall. As homebuilders it is our firm belief and mission to provide all citizens access to the housing of their choice and the opportunity to realize the American dream of homeownership. In the effort to clarify the HBA of CNM’s belief the 2006 Board of Directors approved the following position:
Talking Points
- Homebuilders support the creation of effective public resources which will encourage and enhance the development of affordable housing, placing the greatest number of families in homes and building value in American society.
- The best housing affordability options will come with extensive research in to other cities’ successes and by building strong partnerships as we move forward.
- We remain supportive of the efforts to provide affordable housing, but more importantly we support the concept of housing affordability, that is to provide housing that meets the needs of a broad continuum of income levels.
Supporting TIDDs (Tax Increment Development Districts)
Originally conceived to target development of blighted and substandard areas, TIDD (Tax Increment Development Districts) programs in 48 states, have been expanded to finance a wider range of projects in non-distressed areas.
The HBA of CNM supports the use of TIDDs as they raise tax revenue for development efforts without raising taxes, offer incentives for businesses, generate revenue for municipal governments, and build communities.
Talking Points
- TIDDs provide financing for projects that otherwise would not be economically feasible.
- The city loses no tax revenue.
- Property owners in a redevelopment zone pay their full share of property taxes and property owners outside the zone are not required to pay more than a normal tax burden.
- TIF (tax increment financing) bonds are not included in a city’s general debt obligations.
- Development is financed from the increases in tax revenues that it generates, not by subsidy from other areas of the city.
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