Las Cruces City Council will meet at 1 p.m. Monday, March 4, 2024, in Council Chambers at City Hall, 700 N. Main St.
Source: City of Las Cruces
City Council will consider adoption of an Ordinance that would authorize the issuance and sale of $6 million of City of Las Cruces taxable General Obligation Improvement Bonds, Series 2024. The City will place the proceeds of the $6 million Taxable General Obligation Improvement Bonds, Series 2024, in the Affordable Housing Trust Fund.
The bonds will be payable from ad valorem taxes on property within the City, also known as property taxes. With this issuance, there will be no remaining authority to issue bonds as approved by city voters in 2022.
The City presented four General Obligation Bond questions to Las Cruces voters at the Nov. 8, 2022, election. All four 2022 GO Bond questions, totaling $23 million, were approved by city voters.
The GO Bond question regarding the $6 million stated: “Shall the City of Las Cruces issue general obligation bonds, payable from property taxes, in an amount up to $6,000,000, and placed into the Affordable Housing Trust Fund, to provide resources to plan, design, construct, acquire, and preserve housing affordable for low to moderate income households, including acquisition of necessary land?”
More information about the 2022 GO Bond is available at www.lascruces.gov/2547/2022-GO-Bond.
Additionally, City Council will consider a Resolution proposing the adoption of the City of Las Cruces Affordable Housing Investment Strategy. The proposed investment strategy outlines a deliberate allocation of the $6 million and aligns with the GO Bond timeline, spanning three years, while remaining adaptable to market fluctuations and broader economic conditions.
While this amount represents a substantial commitment, the City aims to maximize its impact. Approximately 800 housing units are planned during the next three years, providing a much-needed boost to the city’s affordable housing stock.
Las Cruces’ proactive approach to affordable housing demonstrates its dedication to the well-being of city residents. By leveraging GO Bond funds strategically, the City can take a significant step forward to ensure all community members have access to safe, affordable homes.
The agenda for Monday’s City Council meeting is available at https://lascruces.civicweb.net/Portal/MeetingInformation.aspx?Org=Cal&Id=10635.
Monday’s meeting will be televised live, in standard definition, on CLCTV Comcast Cable channel 20, and in high definition on Comcast Cable channel 928. The meeting will also be livestreamed at clctv.com and on the City’s YouTube channel.
