ALBUQUERQUE, N.M. – The New Mexico Mortgage Finance Authority (MFA) Board of Directors approved a bond resolution and funding for the construction of Peachtree Canyon, a multifamily apartment development in Las Cruces, at its April board meeting, increasing affordable housing opportunities in the state.
The board approved the bond resolution, which authorizes the issue of up to $20 million in tax-exempt private activity bonds for the development. The board also approved loans for Peachtree Canyon from the following sources in the specified amounts:
- New Mexico Housing Trust Fund ($3 million)
- National Housing Trust Fund ($1.5 million)
- HOME Rental Program ($800,000)
Peachtree Canyon also received an award from MFA in the amount of $1.25 million from the Coronavirus State and Local Fiscal Recovery Fund last year.
Developed by Thomas Development Group and the nonprofit, New Mexico Housing and Community Development Corporation, Peachtree Canyon will include 144 units serving households with children. The development – to be located in northeast Las Cruces – 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
Approval for a second phase of the development – with an additional 144 units – is expected to be requested later this year.
MFA Executive Director/CEO Isidoro Hernandez said Peachtree Canyon will help more New Mexicans find safe, affordable housing.
“There is a huge need for affordable housing around the state, including Las Cruces, and this development will help address that need,” said Hernandez. “These apartments will be subject to rent restrictions for a duration of 45 years, ensuring long-term affordability. We are grateful to everyone involved in getting this development off the ground, and we look forward to the moment when many people will call Peachtree Canyon home.”
The project is expected to close this summer, and construction will follow.
To learn more about MFA’s opportunities for developers, visit housingnm.org/developers.