Las Cruces Affordable Housing Investment Strategy

In the fall of 2022, the City of Las Cruces proposed a General Obligation (GO) Bond, dedicating approximately $6 million to affordable housing. Following the bond's approval, the City aimed to reassess its housing programs and devise a strategy for the new funds, considering post-pandemic housing needs and growing community support.

In June 2023, Project Moxie was selected to develop a three-year investment strategy. Collaborating with City of Las Cruces Housing staff, Project Moxie reviewed existing programs, engaged stakeholders, and updated housing needs data to inform the strategy. The goal is to guide the City in investing GO Bonds alongside other funding sources, addressing competing priorities and evolving housing needs.

The strategy prioritizes capacity for implementation, leveraging state, federal, and private resources, and aligning with local politics and community support. Project Moxie identified the need to streamline processes related to developer inquiries and funding rounds. The strategy also focuses on providing additional gap funding for ongoing affordable rental projects affected by rising costs and interest rates, ensuring the completion of these projects and the availability of new affordable rental units in the next two years.