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Two Resolutions regarding Pedrena Apartments, a proposed affordable housing apartment complex for senior citizens, were unanimously adopted by the Las Cruces City Council at its Oct. 16 regular meeting, the City of Las Cruces said in a news release.
The council accepted a New Mexico Housing Trust Fund loan agreement between the city and Thomas Development Co. of Boise, Idaho and a community development block grant and home investment partnership loan agreements between the city and Thomas Development Co., who will build the 80-unit senior apartment complex.
Construction could begin as soon as January 2024.
The apartment complex will be built at 801 Farney Road, just off El Paseo Road. 44 one-bedroom apartments and 36 two-bedroom apartments will be constructed and will be offered to seniors 55 years old and older with household incomes up to 60 percent of area median income as defined by the U.S. Department of Housing and Urban Development.
A budget of more than $25.4 million from federal, state, local and private sources will pay for the apartments. The city will provide $3 million from the Telshor Facility Fund, which can be used for health and human services projects or programs, as its share of the project.
Developers told the council about 85 cents of every dollar spent on construction could go to local contractors.