Thursday, June 8, 2023

CABQ Buys SureStay Hotel Near I-40 to Convert to Affordable Housing


On Monday, city leaders announced the finalized purchase of the SureStay Hotel at Eubank and Lomas Blvd. The city will renovate the hotel into 100 efficiency and one-bedroom apartments. The complex will provide affordable housing to low and moderate-income households.

“There is a housing crisis around the country and here in New Mexico,” said Gov Lujan Grisham. “I was proud to award nearly $3 million for this project through the Casa Connections grant, which is funding innovative projects like this one in communities around the state."

“Safe and stable housing is the foundation upon which individuals and families build their lives. When we invest in affordable housing, we invest in the future of our communities,” said Mayor Tim Keller. 

State dollars from the Casa Connections grant contributed to half of the purchase price of the property, with the other half coming from the city’s COVID-related federal funding. The partnership with the State on the purchase ensures that the City has adequate funds for the conversion and renovation of the property. Once complete, an on-site services coordinator to help connect future residents to resources needed to be successful.

This complex will grow the city’s existing portfolio of affordable housing units by 20 percent and help address the gap of 15,000 rental units affordable to very low-income households in Albuquerque. Converting underutilized motel and hotel properties into housing is a key element of the Housing Forward ABQ initiative, which seeks to improve supply and access to housing across Albuquerque. Other elements of the initiative include zoning changes to incentivize housing development, expanding nuisance abatement laws, improving the housing workforce, and reasonably regulating short-term rentals.

Construction is anticipated to take 6-9 months.


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