LAS CRUCES, NM – Las Cruces City Council approved at its Jan. 17 meeting a loan agreement for at least $2.4 million from the housing trust fund between the City and Tres Hermanas Chelsea Investment Corp.
The New Mexico developer intends to build the “Tres Hermanas” apartment complex, which envisions about 70 units of affordable housing that includes a community center and outdoor recreation space for families with children.
The housing complex is intended to be built at 130 N. Walnut St, the Las Cruces City Council said in a statement.
The project partners are Catholic Charities Housing, Inc. and Chelsea Investment Corp. The apartments will be targeted to families earning less than 60% of the area median income.
On Dec. 20, 2021, the City Council approved Resolution 22-072 that committed a $2.4 million loan to support the project, which has also received Tax Credit Housing revenue from the New Mexico Mortgage Finance Authority.
According to local officials, once the project is approved, construction is expected to begin in June 2023.
The City’s funding allocations for affordable housing development comply with the State of New Mexico’s Affordable Housing Act, the City’s Affordable Housing Ordinance and support the goals and objectives of Las Cruces’ adopted Housing Plan.
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