The City of Albuquerque, in collaboration with Monarch Properties Inc., has announced the commencement of pre-leasing applications for Los Altos Lofts, a former hotel acquired by the City in April of 2023 for transformation into housing. The first units, currently in the construction phase, are anticipated to be ready for occupancy this spring.
Monarch Properties Vice President, Jack MacGillivray, expressed enthusiasm for the project, stating, “Monarch Properties is pleased to once again join with the City of Albuquerque to oversee this newest community. The opportunity to manage affordable housing fits well with Monarch’s history of helping to address the needs of income and housing challenged residents in our city and our state.”
Deputy Director for Housing, Joseph Montoya, highlighted the significance of this milestone in the affordable housing initiative, affirming, “This is one of the final stages to actually getting people into a new, safe, affordable place to live. We are also demonstrating that hotel conversions are a timely and efficient way to increase our housing stock.”
The leasing process involves potential tenants passing background screening criteria encompassing criminal, sex offender, credit, and income checks. Rent for the units will be set at levels affordable to individuals earning less than 80% of the Area Median Income, with the possibility of additional subsidies for qualifying tenants.
Interested individuals seeking further details can contact the Los Altos leasing line at 505-548-6054.
The conversion of the hotel into residential spaces aligns with the strategic approach outlined in the ABQ Housing Forward initiative, aiming to enhance access to housing across various segments of the market.