LAS CRUCES, N.M. – Housing New Mexico representatives attended the ribbon-cutting ceremony for The Three Sisters Apartments Tuesday, May 13, celebrating another affordable housing opportunity in Las Cruces.
“This is an exciting day for the people of Las Cruces, as The Three Sisters Apartments will provide an opportunity for many families to have a place to call home,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “Thanks to all of our partners – including the City of Las Cruces and Chelsea Investment Corporation – for helping bring this development to the community.”
The Housing New Mexico Board of Directors approved the following funding sources for the development:
• HOME loan: $1 million
• National Housing Trust Fund Loan: $400,000
• New Mexico Housing Trust Fund Loan: $3.5 million
• The development will also receive approximately $1.3 million in federal 9% Low-Income Housing Tax Credits annually, which over a 10-year period, are expected to produce approximately $11.9 million in cash equity.
The Three Sisters will feature 70 one-, two- and three-bedroom apartments, and the amenities include playgrounds, garden areas, walking paths and a community building. The community targets households with children that earn 30%, 50% and 60% of the Area Median Income (AMI). For example, for a three-person household in Las Cruces and Doña Ana County, 30% of the AMI is $19,110, 50% of the AMI is $31,850 and 60% of the AMI is $38,220.
This community 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.