Mortgage Finance Authority finances Las Cruces homes
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

Mortgage Finance Authority finances Las Cruces homes

-

Las Cruces, NMThe developments will comprise 125 affordable, single-family homes. The Albuquerque-based New Mexico Mortgage Finance Authority (MFA) is financing the projects.

Tierra del Sol Housing Corp. is developing Paseo del Oro, which will be a mixed-use community including individually owned homes, multi-family rentals and commercial space. Nine of the 104 homes in the two-phase project will be set aside for households earning 50 percent of the area median income (AMI); 50 will be reserved for those earning 80 percent AMI; and 45 will be market rate. The three-bedroom dwellings are expected to sell for $89,000, while the average cost of a home in Las Cruces is around $129,000.

Financial components include almost $2 million from New Mexico’s Housing Trust Fund, $50,000 in state tax credits and more than $900,000 from MFA’s Primero Loan Fund.

American City Business Journals 

SHARE

New Mexico RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for New Mexico Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of New Mexico.

Contact:

Previous articleA developer is proposing a $175 million project
Next articleAgreement to sell 10 grocery stores