LAS CRUCES — Las Cruces City Council took another step toward its goal of cutting into the 5,600 affordable housing rental unit shortfall by 2025.

Council members approved a $6 million pre-commitment to help fund Phase II of the Peachtree Canyon Apartments — a multifamily apartment complex that will ultimately consist of 244 rental units at 7081 North Jornada Road and Peachtree Hills Road — via resolution without discussion at its meeting on Monday. City staff needed Council's pre-commitment before the end of the month in order to preserve the project's eligibility for a Low Income Housing Tax Credit through the state's Mortgage Finance Authority.

"It goes toward meeting that shortfall, but it's the first affordable-style living complex in the Metro Verde development that exists so it's also achieving the goal of diversifying housing across the city," said Councilor Becky Corran, who represents District 5, where the complex will be located.

Phase I of the project will cost an estimated $29 million. Council approved funding for Phase I (144 units) in December of 2022, pledging $7 million for both Peachtree Canyon and the Pedrena Senior Apartment Project.

Phase II will cost an estimated $40 million in total development costs.

Phase I is expected to break ground in the first quarter of 2024 and is made up of one- and two-bedroom units while Phase II will consist of two- and three-bedroom units.

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