City of Albuquerque Affordable Homeownership Assistance

City of Albuquerque Affordable Homeownership Assistance is a deferred second loan for homebuyers in Albuquerque, New Mexico, administered by City of Albuquerque, Department of Health, Housing & Homelessness (Community Development); delivered through nonprofit subrecipients (Homewise and Sawmill Community Land Trust). Since 2018 the City of Albuquerque has contracted annually with local nonprofits to provide down-payment assistance of up to $40,000 to low- and moderate-income homebuyers purchasing a home in Albuquerque. The program is funded with federal CDBG and HOME funds and the City's Workforce Housing Trust Fund through the City's Consolidated Plan / Annual Action Plan, and is delivered through nonprofit subrecipients Homewise and Sawmill Community Land Trust. The City has allocated roughly $1 million per year to the program; the PY2025 Action Plan budgets CDBG $1,279,000, CDBG Program Income $21,000, and HOME Program Income $100,000 to Affordable Homeownership Assistance. Down-payment assistance up to $40,000 for income-qualified buyers purchasing within the City of Albuquerque; paired with homebuyer education and counseling through the delivering nonprofits. Funding comes from U.S. HUD Community Development Block Grant (CDBG) and HOME Investment Partnerships funds, plus the City of Albuquerque Workforce Housing Trust Fund, administered through the City's Consolidated Plan / Annual Action Plan.

City of Albuquerque Affordable Homeownership Assistance offers up to $40,000 in assistance. The program can be combined with May be combined with first mortgages and other assistance offered by the delivering nonprofit (e.g., Homewise mortgage products) and potentially other DPA sources, subject to subrecipient and HUD rules. Amounts are the program's published maximums, not an offer — City of Albuquerque, Department of Health, Housing & Homelessness (Community Development); delivered through nonprofit subrecipients (Homewise and Sawmill Community Land Trust) determines any individual award.

City of Albuquerque Affordable Homeownership Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Albuquerque Affordable Homeownership Assistance is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Homewise; Sawmill Community Land Trust (HUD-certified homebuyer education). Residency requirement: Property must be located within the City of Albuquerque. Program is administered by the City but delivered through nonprofit subrecipients (Homewise, Sawmill CLT); prospective buyers apply through those nonprofits, not directly to the City. The City's applicant-facing page does not publish detailed eligibility terms (income limits as a percentage/dollar, credit score, DTI, interest rate, lien position, loan term, forgiveness period, repayment trigger, fees); those are set by the delivering nonprofit and HUD CDBG/HOME rules and were left blank rather than guessed. The $40,000 maximum and ~$1M/year funding figures are from the City's affordable-housing documentation and Annual Action Plan. Assistance is subject to annual funding availability. first_time_homebuyer set false because the City program (unlike the SCLT product) is described as serving low/moderate-income homebuyers generally, not exclusively first-time buyers; confirm with the delivering nonprofit.

City of Albuquerque Affordable Homeownership Assistance sets its income limit as follows: Targeted to low- and moderate-income homebuyers per HUD CDBG/HOME income limits for the Albuquerque area; specific percentage and dollar limits are set by the delivering nonprofit subrecipient and HUD limits and were not published on the City's applicant-facing page. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Albuquerque Affordable Homeownership Assistance can be used for Single Family, Condo, and Townhouse. New construction is eligible. Manufactured homes are not eligible.

City of Albuquerque Affordable Homeownership Assistance serves homebuyers purchasing in Albuquerque, New Mexico.

Applications for City of Albuquerque Affordable Homeownership Assistance go through City of Albuquerque, Department of Health, Housing & Homelessness (Community Development); delivered through nonprofit subrecipients (Homewise and Sawmill Community Land Trust), which publishes the current terms and the application steps on its own site. Funds are reserved through Delivered by City-contracted nonprofit subrecipients. Prospective buyers contact Homewise (505-243-6566) or Sawmill Community Land Trust (505-764-0359) to apply; assistance is provided on a first-qualified basis subject to annual funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.