Las Cruces approves affordable housing proposal
LAS CRUCES, NM-- The Las Cruces City Council unanimously adopted a resolution approving a pilot program for an affordable homeownership revolving loan fund.
The program will facilitate the development of affordable single-family housing in the City.
The pilot program will offer a solution to expand the availability of affordable housing in Las Cruces. The revolving fund will be initially supported at $500,000 from the Affordable Housing Trust Fund the City created in 2010.
The Affordable Housing Trust Fund is a dedicated and restricted source of funding used to finance affordable housing projects through grants and loans.
The goal of the City’s funding is to help lower the costs for eligible developers constructing homes in a single-family housing development.
The funds will help low-interest construction loans to reimburse developers for land, onsite infrastructure and construction costs.