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Las Cruces council pre-commits up to $4.7M to Royal Crossing affordable housing project
Summary
The city council approved a pre-commitment of up to $4.7 million in city funding for Royal Crossing Apartments, a proposed 108-unit affordable senior-and-family complex, contingent on Low-Income Housing Tax Credits and developer qualification; councilor Matisse voted no on the measure.
The Las Cruces City Council voted Nov. 3 to pre-commit up to $4.7 million in city funding for Royal Crossing Apartments, a proposed 108-unit affordable housing development in the Royal Crossing subdivision north of Apodaca Park.
Jen Lauterbach, housing and neighborhood services coordinator, told the council the proposed funding would be provided as a 20-year residual-receipts loan at a 3% interest rate to strengthen the project's Low-Income Housing Tax Credit (LIHTC) application. She said the award of state LIHTC funding and the developer's…
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