Home Rehabilitation Program

 

To preserve the quality of housing owned and occupied by low and moderate- income families and to continue to expand and revitalize older neighborhoods within the City, Albuquerque Housing Services provides perpetual deferred loans and low interest loans to qualified low and moderate-income homeowners.

The loans are made for the purpose of rehabilitating residential properties. Family income and family size determine the type of loan a person may qualify to receive.

How do I qualify?

Homeowners may receive a perpetual deferred loan, or a low-interest loan. Providing at a minimum, the following requirements are satisified:

• The property is located in the City limits of Albuquerque.
• You have owned and occupied the home for at least one year prior to application.
• For owner occupied units total gross family income must be at or below 80% of area median income as established for family size by the U.S. Department of Housing and Urban Development. Please call our office at 764-3940 for current income limitations.
• There are less than four separate dwelling units on the property.
• You have fee simple title to the property or a real estate contract with a balance of less than $30,000 that can be refinanced.
• For owner occupied units the after rehab value can not exceed 95% of the median purchase price for the area (203b Mortgage Limit) as established by the U.S. Department of Housing & Urban Development.
• Your property taxes, property insurance (if applicable) and utilities are current.
• You have not had a City rehabilitation loan or a City purchase loan in the last ten years.
• If you qualify for a loan that must be paid back, you must have a good credit rating and meet the under writing criteria established by Albuquerque Housing Services.

Click here for our on-line eligibility form

What can the loan be used for?

The money you receive must be used to pay for rehabilitation costs. These costs include:

• Labor and materials used to rehab your property and bring it up to City Code.
• Processing your loan which includes title search, insurance, appraisals, surveys and recording fees.

The loan money cannot be used to pay for minor or cosmetic repairs or property taxes.

Interested? Please call us at 505-764-3940.

You will have the opportunity to speak directly with an AHS Loan Officer who will quickly screen you for eligiblity and fill out an inquiry form.