Las Cruces City Council has adopted an Ordinance authorizing the issuance and sale of $6 million of City of Las Cruces Taxable General Obligation Improvement Bonds, Series 2024.
Source: City of Las Cruces
The City will place the proceeds of the $6 million Taxable General Obligation Improvement Bonds, Series 2024, in the Affordable Housing Trust Fund. City Council approved the Ordinance at its Monday, March 4, 2024, meeting in Council Chambers at City Hall, 700 N. Main St.
The bonds will be payable from ad valorem taxes on property within the City, also known as property taxes. The $6 million in GO bonds will provide resources to plan, design, construct, acquire, and preserve affordable housing for low-to-moderate income Las Cruces households, including the acquisition of necessary land.
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 a Nov. 8, 2022, election. One of those questions sought $6 million for affordable housing. All four 2022 GO Bond questions, totaling $23 million, were approved by city voters.
More information about the 2022 GO Bond is available at www.lascruces.gov/2547/2022-GO-Bond.
City Council also approved a Resolution at Monday’s meeting to adopt the City of Las Cruces Affordable Housing Investment Strategy. The investment strategy outlines a deliberate allocation of the $6 million that aligns with the GO Bond timeline and the New Mexico Affordable Housing Act. The strategy plan will be in effect from 2024 to 2027, and will remain adaptable to market fluctuations, broader economic conditions, and City priorities.
Additional strategy plan highlights include the ability to leverage other available resources, allows recommendations for investment, and the plan will streamline programming. While this amount represents a substantial commitment, the City aims to maximize its impact.
Approximately 800 affordable housing units are planned during the next three years. 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.
