Las Cruces investing $4M in affordable housing

The Las Cruces Sun-News

Las Cruces will tap into its Telshor Fund for a $4 million loan to help pay for construction of an affordable housing apartment complex on the northeast side.

Las Cruces City Council originally pre-committed the $4 million in December 2022 for the Peachtree Canyon Apartments, a multifamily apartment complex that will occur in two phases and ultimately consist of 244 rental units at 7081 North Jornada Road and Peachtree Hills Road.

While adopting the Fiscal Year 2025 budget, city officials determined they would spend about $28.3 million from the Telshor Fund to complete various projects, including $14 million for three different affordable housing projects.

The $28.3 million from the Telshor Fund would pay 16 projects, reducing the fund from a current market value of $42.9 million to $14.1 million, mostly on capital projects.

Additionally, in September 2022, the City Council approved $2 million in America Rescue Plan Act funding toward the affordable housing project. It is expected to close in September and break ground before the end of 2024. The estimated total cost of the project is $40 million, utilizing city, county, state and federal funding sources.

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