Lincoln Avenue Communities Initiates Groundbreaking Affordable Homes Project

Lincoln Avenue Communities Hosts Groundbreaking Ceremony

Lincoln Avenue Communities (LAC), a leader in the development of affordable housing, is excited to announce the commencement of a new project aimed at enriching communities in need. The recent groundbreaking ceremony marked a significant milestone for Cresta Ranch Apartments, an ambitious endeavor set to provide 240 units designed for lower-income families.

Creating Opportunities for Families

With an urgent demand for affordable housing, LAC is committed to delivering quality homes that empower families to gain stability. Vice President Ben Taylor emphasized the importance of these developments, stating, "Cresta Ranch will support generations of families who may otherwise find it challenging to remain in the area." The project is a testament to LAC's mission to address housing needs courageously.

Community Leaders Unite

During the ceremony, local leaders, including Governor Michelle Lujan Grisham, gathered to support this crucial initiative. The presence of local commissioners and community advocates decorated the event, showcasing the collective commitment towards improving housing conditions.

A Unique Development

Cresta Ranch is poised to be a landmark development within the region. The site will consist of ten well-designed buildings, offering 24 two- and three-bedroom apartments. Each unit is equipped with modern amenities, including spacious balconies and walk-in closets, creating a comfortable living environment for residents.

Engaging Amenities for Residents

The development goes beyond just providing housing; it will feature numerous community amenities that encourage a sense of belonging. Residents will have access to a fitness center, a dedicated yoga studio, and a community room perfect for gatherings. Families can enjoy playgrounds and nearby green spaces, fostering a vibrant community life.

Financing the Future

The funding for this significant project includes a $4 million loan from the New Mexico Housing Trust Fund, along with federal Low-Income Housing Tax Credits. Additional financial support has been offered through a $35 million tax-exempt bond issuance, coupled with $1.32 million obtained through the Developer's Assistance Program (DAP). Key financial partners involved in this undertaking include JP Morgan Chase, National Equity Fund, and Barings.

A Commitment to Sustainable Housing

LAC is renowned for its dedication to sustainable development practices. With a presence in 28 states and a diverse portfolio comprising over 170 properties, totaling more than 30,500 housing units, LAC's impact is profound. They aim to create high-quality homes that cater to the needs of lower and moderate-income families nationwide.

Looking Ahead

Construction on Cresta Ranch commenced recently, with the first units anticipated to be ready for leasing by the summer of the upcoming year. This promising project represents not just a building initiative, but a bold step toward providing homes where families can thrive.

Frequently Asked Questions

What is the purpose of the Cresta Ranch development?

The purpose of Cresta Ranch is to provide affordable housing options for lower-income families, addressing the pressing need for quality homes.

Who is behind the Cresta Ranch project?

Lincoln Avenue Communities (LAC) is the driving force behind the Cresta Ranch project, specializing in affordable housing development.

When will the first units be available for leasing?

The first units at Cresta Ranch are expected to be available for leasing by the summer of the upcoming year.

What amenities will be included in the Cresta Ranch community?

Cresta Ranch will offer amenities such as a fitness center, yoga studio, community room, playgrounds, and laundry facilities.

How is the project financed?

The project is financed through several sources, including state loans, federal tax credits, and support from financial partners like JP Morgan Chase and National Equity Fund.

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