In an effort to attract more activity downtown while boosting economic recovery efforts in the wake of the COVID-19 pandemic, Albuquerque's Metropolitan Redevelopment Agency has started two new grant programs geared toward small businesses and housing development.

According to a press release from the city, officials are looking to fill "residential gaps" downtown and are currently seeking proposals for innovative housing developments such as repurposing already existing buildings. The city says priority would be given to housing projects that are geared towards affordability for medium-income families. 

"Investment in downtown businesses and housing are vital to our economic recovery," Mayor Tim Keller (D-Albuquerque) wrote in a Sept. 27 tweet. "These projects not only have immediate community benefits, but will create opportunities for future generations of ABQ families."

The city has $2.2 million in grants from the federal American Rescue Plan Act for "gap financing" to provide financial assistance for housing projects that meet "the goals and objectives of either the Downtown or Railroad Redevelopment Areas," the press release stated.

Albuquerque has also set aside $500,000 from the American Rescue Plan to financially support small businesses that either occupy vacant street-level property or expand their downtown storefront footprint by at least 50%. Those grants range up to $30,000, the release stated.