AMERICAN RESCUE PLAN ACT

CITY OF LAS CRUCES

PROJECT SUMMARY

New Mexico Housing & Community Development Corporation will build Peachtree Canyon, a 144-unit affordable housing community located within the Metro Verde South Subdivision of Las Cruces, New Mexico. This development will address the significant gap between the supply and demand for affordable rental housing units. The project will primarily serve a demographic of working family housefolds with children with incomes at or below 60% Area Median Income (AMI).

GOALS

The Peachtree Canyon project goal is to increase the supply of affordable housing in Las Cruces to meet the critically low supply of affordable options within the community.

MILESTONES

2023 1st Quarter - Submit NM MFA 4% Bond Application

2023 2nd Quarter - Project architect begins construction plans

2023 End 3rd Quarter - Construction plans complete, apply for building permit

2023 4th Quarter - Commence closing process with tax credit partner, construction lender, purchase a development site

2024 January - Begin construction phase

2025 July - Construction complete

OUTCOMES

Completed construction of 144 affordable units and provided housing to 144 families with incomes at or below 60% AMI.

RATIONALE FOR THE PROJECT

New Mexico Mortgage Finance Authority's 2020 Housing Needs Assessment for Las Cruces identified the need for more than 5,000 additional affordable housing units as demand far outpaces the supply of affordable units within the community. Furthermore, the lack of stable housing is associated with many community problems, including crime, poor health, and poor educational outcomes. Decent, safe, affordable housing is essential to familiies and fulfills a basic human need for shelter, but it also contributes to well-being of both parents and children. Studies show that children in stable housing do better in school and are less likely to experience disruption in their education due to unwanted moves. Quality, affordable housing reduces stress, toxins, and infectious disease, improving physical and mental health. Affordable housing also frees up funds within families' tight budgets to spend on health care and food. Upon completion, Peachtree Canyon will construct 144 affordable rental units, primarily serving a demographic of working family households with children whose incomes are at or below 60% AMI.