City of Albuquerque Affordable Homeownership Assistance

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

City of Albuquerque Affordable Homeownership Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

City of Albuquerque Affordable Homeownership Assistance can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Homewise; Sawmill Community Land Trust (HUD-certified homebuyer education).

2. 2

   Contact City of Albuquerque, Department of Health, Housing & Homelessness (Community Development); delivered through nonprofit subrecipients (Homewise and Sawmill Community Land Trust) to reserve funds

   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., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.