Affordable housing ordinance passes first reading

After the Rio Rancho Governing Body approved the resolution that adopted an affordable housing plan in September and it was returned to the New Mexico Finance Authority, the city brought forward the accompanying ordinance at the Nov. 16 governing body meeting that would “enable” the legislation.

The ordinance incorporates the Affordable Housing Act definitions and regulations into local city code.

“It gives us the ability to grant donations, which we would not be able to do under state statute without this plan in place,” Development Services Director Amy Rincon said.

Rincon added that the plan allows the city to provide loans, grants and general help with infrastructure in Rio Rancho.

Before it gets fully implemented, it has to pass a second reading, which will take place at the Dec. 14 regular governing body meeting. The adopted plan and ordinance will be taken back to the New Mexico Mortgage Finance Authority for final acceptance at the beginning of 2024. After these two elements are in place, the city will have met the requirements of the Affordable Housing Act and can start considering donations to qualified grantees for affordable housing developments.

“Donations can take the form of: land for affordable housing construction; an existing building for conversion or renovation into affordable housing; costs of infrastructure necessary to support affordable housing projects; and the cost of acquisition, development, construction, financing, operating or owning affordable housing,” the ordinance reads.

Mayor Gregg Hull commented on the staff’s work in bringing this ordinance about.

“I appreciate all the staff’s hard work on this because we have been working on it for two years now. These are not easy things to pull together. Unfortunately, the wheels of progress run slowly sometimes,” Hull said.

He also said he was glad the community could have “another tool in the toolbox.”

The ordinance passed its first reading unanimously.