LAS CRUCES, N.M. – In celebration of another affordable housing opportunity in the state, Housing New Mexico representatives attended the Pedrena Apartments ribbon-cutting ceremony in Las Cruces Tuesday, Sept. 30.
Housing New Mexico Director of Housing Development George Maestas provided remarks at the ceremony, which was hosted by the City of Las Cruces and Thomas Development Co.
“Many seniors in Las Cruces have a new place to call home, thanks to the addition of Pedrena Apartments to the community” said Maestas. “Housing New Mexico is proud to be a partner by providing several funding sources for the development of Pedrena, increasing affordable housing opportunities for New Mexicans across the state.”
The Housing New Mexico Board of Directors approved the following funding sources Predena Apartments:
- $2 million Coronavirus State and Local Fiscal Recovery Fund loan
- $1.5 million National Housing Trust Fund loan
- $1 million New Mexico Housing Trust Fund loan
- $800,000 HOME loan
- Approximately $1.27 million in 4% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $11 million in cash equity
Pedrena is a new 80-unit multifamily development for seniors age 55 and over with 44 one-bedroom apartments and 36 two-bedroom apartments, consisting of one three-story building with 74 apartments and three single-level duplexes. Located at the intersection of El Paseo Road and Farney Lane, amenities include washers and dryers in each unit, private decks and patios, fitness room, business center, elevator, common-area meeting space with a kitchen and a meeting room in which counseling and support services will be conducted. Outdoor features include a dog park, raised community gardens, storage rooms and a fenced perimeter with a security gate.
Pedrena Apartments will be income restricted as follows:
- 72 units for households earning 60% or less of the Area Median Income (AMI)
- 8 units for households earning 30% or less of the AMI
For example, in Las Cruces:
- 60% of the AMI is $29,700 for a one-person household and $33,960 for a two-person household
- 30% of the AMI is $14,850 for a one-person household and $16,980 for a two-person household
Pedrena is one of 56 active multifamily developments Housing New Mexico has in various stages of construction across the state representing approximately $415 million in funding for 5,191 apartment units located in 20 municipalities in 14 counties. The eventual economic impact of all 56 projects once under construction is estimated to generate approximately $1.36 billion in local income and create approximately 16,767 jobs.
To learn about Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.