Up to $15 million in federal funding is being made available for an effort in El Paso that could lead to the construction of more affordable housing in the city.
The funding is coming through the Home Investment Partnership Program, which is run by the Department of Housing and Urban Development and will underwrite the building and/or rehabilitation of structures that can be used for affordable housing.
The program also provides funding for demolition projects that may lead to new construction.
El Paso has announced the program’s offerings via a Notice of Availability, encouraging private investors and developers, as well as public agencies and community housing development organizations, to apply.
In the formal announcement of the Notice of Availability, it is noted that “housing affordability is an increasing burden on residents as they struggle to afford rent or access homeownership. At the same time, the development along the edges of the region, coupled with disinvestment in existing neighborhoods, is undermining the economic strength of the region.”
According to the site RentCafe, the average apartment rent in El Paso is now at just over $1,000. While that figure is considerably lower than the national average of $1,937, it still represents a jump from where things stood in 2019 when the average stood at $850.
The challenge is made even more real in El Paso due to the pattern of recent housing construction. According to the Notice of Availability, new housing development in El Paso in recent years has mostly taken place in the outer suburbs of the city.
This pattern, says the Availability Notice, has led to “disinvestment in housing in existing neighborhoods, thereby contributing to blight and lower property values.”
The Home Investment Partnership Program for El Paso has an application deadline of July 31.
By Garry Boulard
