Lincoln Avenue Communities Launches Affordable Housing Project in Santa Fe, New Mexico

Last week, Lincoln Avenue Communities (LAC) held an important groundbreaking ceremony for the Cresta Ranch Apartments, a new development focused on addressing the urgent need for affordable housing in Santa Fe County. This event, attended by various local officials including New Mexico Governor Michelle Lujan Grisham, signals a significant step forward in providing housing solutions for lower-income families in the area.

Cresta Ranch Apartments will consist of 240 affordable housing units, making it the first multi-family development of its kind in Santa Fe County. As described by Ben Taylor, vice president of LAC, the project aims to fulfill their mission of delivering quality homes to communities where the need is particularly pressing. Each unit within the complex is designed to offer comfortable living for those earning up to 60% of the Area Median Income for Santa Fe County.

The complex will comprise 10 multi-family buildings, featuring 24 two- and three-bedroom units, each equipped with modern amenities such as balconies and walk-in closets. Residents will enjoy community fitness and recreation facilities including a dedicated fitness center, a yoga studio, a playground, and communal areas for relaxation and gatherings. The thoughtful design emphasizes not only affordability but also creating a sense of community.

Funding for the Cresta Ranch project has come from a combination of sources, including a $4 million loan from the New Mexico Housing Trust Fund, federal Low Income Housing Tax Credits, and a conduit tax-exempt bond issuance valued at $35 million from Santa Fe County. This diverse funding strategy underscores the collaborative effort involved in making affordable housing a reality in New Mexico. In addition, LAC secured $1.32 million through the Developer's Assistance Program to cover final funding gaps. This multi-faceted approach to financing is crucial in ensuring the sustainability and success of the project.

Construction commenced in January 2025, with the first residential units anticipated to be available for leasing by summer 2026. This timeline is a crucial aspect of the strategy to quickly meet the housing demands in a region where costs have surged, leaving many families struggling to find suitable accommodation.

Lincoln Avenue Communities, known for its commitment to developing affordable and workforce housing across the United States, operates in 28 states with an impressive portfolio of over 170 properties. LAC emphasizes providing high-quality, sustainable homes to individuals and families who may otherwise be marginalized in the housing market. Their work aims to uplift communities and improve living conditions for lower- and moderate-income populations.

In conclusion, the groundbreaking of Cresta Ranch Apartments is more than just the start of a construction project; it represents a beacon of hope for many families in New Mexico who are in desperate need of affordable living options. By prioritizing affordable housing, LAC is setting a valuable precedent and addressing the broader implications of housing insecurity in America today. As the project moves forward, it will undoubtedly serve as a model for similar initiatives across the nation.