The 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
