Council Commits to Partial Funding of Low-income Housing Project

Paseos Verdes is a Low-Income Housing Tax Credit multi-family affordable housing development at 905 S. Campo St.

Source: City of Las Cruces

Las Cruces City Councilors met Monday, Dec. 16, 2024, and approved the precommitment of funds for the Paseos Verdes housing development near the corner of Colorado Avenue and south Campo Street.

Paseos Verdes is a Low-Income Housing Tax Credit multi-family affordable housing development at 905 S. Campo St.

The Paseos Verdes property will span 7.22 acres and will eventually include 218 energy-efficient housing units for veterans, seniors and the local workforce. The first phase of the development, to include 80 units on the west end of the property, is anticipated to begin construction in January 2026.

The total development cost is estimated at $22.17 million, with funding from the sale of low-income Housing Tax Credits, National Housing Trust funds and local contributions including $2.2 million in Community Project Funding and $1.35 million from the City of Las Cruces.

Monday’s approval of the resolution means the City is committed to funding $1.35 million for the project including impact fee waivers. Loan terms and funding sources will be determined at a later date.

In other business, Councilors accepted a Byrne Memorial Grant Award, from the New Mexico Department of Public Safety, for the Las Cruces Police Department to purchase and install six dual purpose modular surveillance systems in the amount of $92,100.

The second grant accepted by Councilors was for the Mesilla Valley Metropolitan Planning Organizations, in the amount of $104,376, to support the Mesilla Valley Metropolitan Planning Organization with salaries, fringe benefits, supplies, travel, professional services and minor equipment. This grant was awarded by the New Mexico Department of Transportation.

Monday’s meeting, along with all City Council regular meetings and work sessions, can be viewed on the City’s YouTube Channel.

Councilors will next meet in a regular meeting on Jan. 6, 2025, at City Council Chambers, 700 N. Main St.

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Levi Gwaltney

Levi Gwaltney is the Editor In Chief of Las Cruces Digest. The Editor makes editorial and posting decisions regarding content published on this site. In most cases, the Editor makes little if any contribution to content published, and takes no credit for the content of republished posts. If available, the source or author of posts is provided at the top of the article.