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The Las Cruces City Council committed about $1.35 million to a new affordable housing project in the El Paseo corridor during a meeting on Dec. 16.
According to the city, Paseos Verdes is set to be an affordable housing development at 905 S. Campo St. It will eventually create 218 units for veterans, seniors and local workers.
When presenting the proposal, Housing and Neighborhood Services Administrator Natalie Green reminded the council that Las Cruces is 5,600 units short of meeting housing demand. When the housing supply is low, the cost of available and new units increases, pricing out individuals and families with lower incomes. Academic research also shows that high housing and rent costs increase the number of unhoused residents.
Green said the Paseos Verdes project would be divided into three phases. The first phase would include 80 units, with 20 set aside for veterans and mostly 1-bedroom apartments.
Green also said the entire cost of the development was estimated at $22.17 million, and the city was seeking state funds to help finance the project.
Every member of the council voted to approve the funding commitment expect Councilor Becki Graham, who was absent.
