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Santa Fe developers have plans to build almost 400 apartments and townhomes on about 20 acres of vacant land next to the Zia Road Railrunner station. To garner city approval some of the housing must rent below market rate. But there is an option for builders to pay into the city’s Affordable Housing Trust Fund instead.
On its face a requirement for developers to include some affordable housing seems like a win for a city where rent and home prices have skyrocketed. An option to opt-out by paying a fee then seems dubious – but that’s what most developers in Santa Fe are doing. Affordable housing advocates say not to jump to conclusions.