LAS CRUCES, N.M. – Housing New Mexico representatives attended the ribbon-cutting for Peachtree Canyon Apartments Phase I in Las Cruces Thursday, celebrating affordable housing opportunities for many families in the area.
Located at the corner of Peachtree Hills and Jornada Road and serving households with children, the development includes 144 units comprised of six three-story buildings with 72 one-bedroom units, 54 two-bedroom units and 18 three-bedroom units.
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 $20.2 million in private activity bonds, expected to generate approximately $16.6 million in equity over a 10-year period
$3 million New Mexico Housing Trust Fund Loan
$1.5 million National Housing Trust Fund Loan
$800,000 HOME Rental Program Loan
$1.25 million Coronavirus State and Local Fiscal Recovery Fund award
“Today we celebrate the families in Las Cruces that will benefit from this quality, affordable housing opportunity,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “Along with our many partners, we’ll continue to fund and provide support for affordable housing throughout the state. Thank you to our local partners here in this area who helped make Peachtree Canyon Apartments a reality.”
Peachtree Canyon Apartments 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:
For a two-person household, 30% of the AMI is $21,640, and 60% of the AMI is $37,320.
For a three-person household, 30% of the AMI is $27,320, and 60% of the AMI is $42,000.
For a four-person household, 30% of the AMI is $33,000, and 60% of the AMI is $46,620.
Amenities at the development include a community building with a computer center, a swimming pool, playground areas, landscaped courtyards, picnic areas, walking paths and pickleball courts.
Additional funding for Peachtree Canyon was provided by the City of Las Cruces and Doña Ana County, and the property was co-developed by New Mexico Community Development Corporation and Thomas Development Group.
Peachtree Canyon is one of 53 active multifamily developments that Housing New Mexico has in various stages of construction across the state, representing over $413 million in funding for 5,140 apartment units located in 19 municipalities in 14 counties. The eventual economic impact of all 53 projects once under construction is estimated to generate approximately $1.35 billion in local income and create approximately 16,602 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.