KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable multifamily housing property in Las Cruces, New Mexico. Chelsea Investment Corporation is serving as the project sponsor and developer.
The project received significant support from The Richmond Group, which contributed $11.9 million in Low Income Housing Tax Credit (LIHTC) equity and a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corporation (RMCRC). Additionally, funding was secured from various sources including local government entities, state agencies, the HOME Investment Partnerships Program (HOME), and the National Housing Trust Fund (HTF).
The Three Sisters apartments will consist of eight two- to three-story residential buildings featuring 70 one-, two-, and three-bedroom units designated for families or individuals earning no more than 30%, 50%, or 60% of Area Median Income (AMI).
Residents at The Three Sisters will have access to comprehensive social services such as group training sessions, outreach programs,and bi-monthly health and nutrition education classes.
This news was originally published on Connect CRE’s website.
