LAS CRUCES, N.M. – Housing New Mexico joined many of its partners to celebrate the groundbreaking of Peachtree Canyon Apartments in Las Cruces Thursday, Oct. 10. Housing New Mexico representatives joined state leaders and representatives from the City of Las Cruces, New Mexico Housing and Community Development Corporation, Thomas Development Group and Doña Ana County to break ground on the city’s east mesa for a development that will offer 144 apartment units to households with children.
“Peachtree Canyon is a much-needed development in Las Cruces, and we look forward to the moment families are able to call this community their home,” said Isidoro Hernandez, Housing New Mexico Executive Director/CEO. “We appreciate all our partners who work together to create housing in all areas of the state.”
Developed by Thomas Development Group and the nonprofit, New Mexico Housing and Community Development Corporation, Peachtree Canyon will feature:
- Six three-story buildings with one-, two- and three-bedroom apartments
- Community building with a computer center
- Swimming pool
- Playground areas
- Landscaped courtyards
- Picnic areas
- Walking paths
- Pickleball courts
The community will serve households with children with incomes from 30% of the Area Median Income (AMI) up to 60% of the AMI. For example, in Las Cruces and Doña Ana County:
- For a two-person household, 30% of the AMI is $16,950, and 60% of the AMI is $33,900
- For a three-person household, 30% of the AMI is $19,080, and 60% of the AMI is $38,160
- For a four-person household, 30% of the AMI is $21,180, and 60% of the AMI is $42,360
The Housing New Mexico Board of Directors approved the following funding sources for Peachtree Canyon Apartments:
- 4% Low-Income Housing Tax Credits, through an allocation of $21.5 million in private activity bonds, expected to generate approximately $15.9 million in equity over a 10-year period
- New Mexico Housing Trust Fund Loan ($3 million)
- National Housing Trust Fund Loan ($1.5 million)
- HOME Rental Program Loan ($800,000)
- Coronavirus State and Local Fiscal Recovery Fund Award ($1.25 million)
Peachtree Canyon Apartments is also made possible by various City of Las Cruces and Doña Ana County funding sources.
Construction is expected to begin in November with an anticipated completion date of January 2026.
Approval for a second phase of the development (Peachtree Canyon II ) – with an additional 144 units – is expected to be requested in early 2025. Peachtree Canyon II anticipates closing in spring of 2025, and construction will follow.
Peachtree Canyon is one of 52 active multifamily developments in 21 municipalities in 15 counties that Housing New Mexico has in various stages of construction across the state, representing approximately $336 million in combined funding and consisting of 4,869 apartment units. The eventual economic impact of all 52 developments once under construction is estimated to be approximately $569 million in local income, and the communities are estimated to create approximately 7,790 jobs.
For more information about Housing New Mexico’s opportunities for developers, please visit housingnm.org/developers.