SANTA FE, N.M. – The Santa Fe community will have another affordable housing option in the near future with the construction of Cresta Ranch Apartments, offering 240 new apartment units. Housing New Mexico representatives attended the groundbreaking ceremony for the development Thursday, May 29.
Cresta Ranch will consist of 120 two-bedroom units and 120 three-bedroom units, of which 60 units will serve households with children. Amenities include playgrounds, a clubhouse with onsite leasing offices, a fitness center, a mail and package room and common-area laundry space.
“Santa Fe is in need of affordable housing options, and Cresta Ranch is a big step in the right direction for the community,” said Housing New Mexico Director of Housing Development George Maestas. “It will be great to see families – many with children – move into this community and enjoy a safe, affordable place to call home. We are appreciative of Lincoln Avenue Communities for bringing its first affordable multifamily development to New Mexico.”
The Housing New Mexico Board of Directors approved the following funding sources for Cresta Ranch:
- A $4 million New Mexico Housing Trust Fund loan
- Approximately $4.6 million in 4% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $43.7 million in cash equity.
Developed by Lincoln Avenue Communities, the apartments will be income restricted as follows:
- Six units for households earning 80% or less of the Area Median Income (AMI)
- 10 units for households earning 70% or less of the AMI
- 216 units for households earning 60% or less of the AMI
- Eight units for households earning 30% or less of the AMI
For example, for a three-person household in Santa Fe County:
- 80% of the AMI is $71,680
- 70% of the AMI is $62,720
- 60% of the AMI is $53,760
- 30% of the AMI is $26,880
Cresta Ranch is one of 51 multifamily active projects Housing New Mexico has in various stages of construction across the state representing approximately $370.3 million in funding for 4,882 apartment units located in 19 municipalities in 14 counties. The eventual economic impact of all 51 projects once under construction is estimated to generate approximately $1.29 billion in local income and create approximately 15,769 jobs.
To learn about Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.