This regulatory program is enabled by Ordinance 2006-02, Ordinance 2012-1, SLDC Chapter 13 and Resolution 2010-189. The program requires developers of property within central and northern Santa Fe County to include 15% of total units as affordable ownership or rental housing, according to an Affordable Housing Plan and Agreement that must be approved by the County prior to the recordation of the final plat.
The affordable housing must equally serve households in four income ranges: Income Range 1: (0-65% AMI); Income Range 2: (65-80% AMI); Income Range 3: (80-100% AMI); and Income Range 4 (100-120% AMI). The attached table shows the Income Range limits, using 2012 Area Median Incomes (AMI), by household size. Maximum target home price limits for each housing type in each Income Range are established by the County. Current maximum prices, after subsidy, are provided in the attached table. Developers are required to sell the homes at or under these maximum target home prices which, if under appraisal, would then require a subsidy loan which is non-amortizing, zero percent interest and subordinate to the first mortgage loan. The County, or a designated non-profit, would hold a lien which secures this subsidy loan.
Homeownership opportunities are available for households that meet income qualifications and other program requirements in Turquoise Trail and La Entrada. Opportunities in other projects may also become available in the future. Contact AHP staff for current availability.
Developers also have the option of providing affordable units in other areas outside of the proposed development, or in making land donations or cash contributions according to formulas included in the Affordable Housing Ordinance and Regulations. Contributed land or cash is then used for other affordable housing projects or programs administered by the County.
Affordable Housing Program Staff
Rosemary Bailey, Affordable Housing Specialist
992-3055 and email@example.com