Las Cruces gets almost $30 million for low-income housing

The New Mexico Mortgage Finance Authority (NMMFA) has awarded almost $30 million for more than 125 low-income housing units in Las Cruces.

The awards are part of more than $88 million in 4 percent low-income housing tax credits for four low-income housing projects in Las Cruces, Albuquerque and Santa Fe, NMMFA said in a news release.

The two Las Cruces projects are

• Peachtree Canyon: $18.1 million, for 144 low-income units. Indoor amenities will include a lounge and an exercise room. Outdoor amenities will include a pool, pickleball courts, playground areas, landscaped courtyards and walking paths.
• Pedrena Apartments: $11.8 million for 80 low-income units for seniors 55 and above with an annual income below $40,000. The property includes a three-story building with elevators and three single-level duplexes facing El Paseo Road, NMMFA said. Amenities will include a common area meeting space with a kitchen, a fitness room, a business center, meeting rooms, a dog park, raised community gardens, a fenced perimeter, washers and dryers in each unit and private patios.

“The $141 million in total tax credits awarded this year will enable the development or preservation of close to 1,000 workforce units which thousands of families will call their home,” said NMMFA Executive Director and CEO Isidoro Hernandez. “They are key in addressing the housing need, advancing stability and security and will have a significant economic impact.”

“Anytime we can receive monies for affordable housing our community is very grateful,” Mayor Ken Miyagishima said. “During these challenging times, we are fortunate to have housing that our residents can still afford to live in, especially when you see other communities in America so outrageously expensive.”

NMMFA was created in 1975 by the New Mexico Legislature to provide quality affordable housing opportunities for all New Mexico residents. NMMFA, the state’s housing agency, uses housing bonds, tax credits and other federal and state resources to fund more than 30 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, MFA’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs. NMMFA has provided more than 500,000 families with affordable housing and services since its inception.

Visit www.housingnm.org and housingnm.org/developers/rental/new-mexico-housing-trust-fund.