New Mexico Mortgage Finance Board approves funding for apartment development
El Paso, TX (KVIA)—At its April board meeting, The New Mexico Mortgage Finance Authority (MFA) Board of Directors approved a bond resolution and funding for the construction of Peachtree Canyon, a multifamily apartment development in Las Cruces, increasing affordable housing opportunities in the state.
The board approved the bond resolution, which authorizes the issue of up to $20 million in tax-exempt private activity bonds for the development. The board also approved loans for Peachtree Canyon from the following sources in the specified amounts:
- New Mexico Housing Trust Fund ($3 million)
- National Housing Trust Fund ($1.5 million)
- HOME Rental Program ($800,000)
Peachtree Canyon also received an award from MFA of $1.25 million from the Coronavirus State and Local Fiscal Recovery Fund last year.
Developed by Thomas Development Group and the nonprofit New Mexico Housing and Community Development Corporation, Peachtree Canyon will include 144 units serving households with children. The development – to be located in northeast Las Cruces – will feature:
- Six three-story buildings with one-, two- and three-bedroom apartments
- Community building with a computer center
- Swimming pool
- Playground areas
- Landscaped courtyards
- Picnic areas
- Walking paths
Approval for a second development phase – with an additional 144 units – is expected to be requested later this year.
To learn more about MFA’s opportunities for developers, visit housingnm.org/developers.
