As proposed in the most recent edition of its 2023 fiscal year budget, the City of Santa Fe is both reaffirming its commitment to developing more affordable housing, while also increasing funding support for those efforts.
The recommended budget is calling for $4.9 million in funding for the city’s Affordable Housing Department, an increase of $1.6 million from just five years ago.
The budget also includes $3 million in funding that will go to the Santa Fe Affordable Housing Trust Fund, as well as additional funding for affordable housing subsidies.
The housing funding comes on the heels of a report just released by the Santa Fe Association of Realtors showing that the median sales price of a single-family home in the city increased last year by just under $64,000.
The average price for a townhome or condo was also up, from just under $240,000 in the spring of 2020, to around $400,000 at the end of last year.
The city’s housing initiatives spending make up a relatively small part of what is an overall fiscal year budget of $382.8 million, some of which will go to department-wide salary increases.
In introducing the latest budget, Mayor Alan Webber remarked that Santa Fe has the “rare opportunity to make big, forward-looking investments that will directly address the City’s needs.”
Webber noted in particular that gross receipts tax revenues are currently at a record level, with the City also slated to receive additional American Rescue Plan Act funding.
The budget proposal is on its way to the Santa Fe City Council’s finance committee, before being voted on by the entire council at the end of this month.
By Garry Boulard
