Capital Outlay Request #3534: The Cottages at 161 Chama
The Cottages at 161 Chama is a 21-unit cottage project that will house people who are moving along the housing continuum, successfully exiting recovery programs, jail, or homelessness.
Capital Outlay Request: $1.5 million
Total Budget (Planned): $2.5 Million
Cost Per Unit: $150,000
Cost Per Residential Square Foot: $250
Funding sources: Private funding and in-kind contributions, capital outlay, and the New Mexico State Income Tax Credit (MFA)
Partners: Housing New Mexico (MFA), Improve Group, Center for Housing Economics
Completion Date (Projected): 3rd Quarter 2026
Why fund this project?
- It is community centered —We’re building housing here for people, not just an income level. The design is welcoming to residents, community, and improves the neighborhood by activating a previously abandoned lot.
- It will low barrier —While it won’t have case management or intensive services, we’ll work with tenants who might have bad credit or other issues keeping them from being able to rent elsewhere. And people working two jobs to maintain their housing can let one of those jobs go.
- It is affordable —The cottages will rent for $400 to $500, half of what a one-bedroom home would rent for in the ID today. By avoiding costly federal programs and using local resources, we’ll be more efficient and pass those savings on to residents in the form of lower rents.