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KeyBank Helps Fund NM Affordable Community
KeyBank Community Development Lending and Investment (CDLI) 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 the project sponsor and developer.
The project received additional support from The Richmond Group, which provided $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). The Three Sisters also received funding from the city, state, the HOME Investment Partnerships Program (HOME), and the National Housing Trust Fund (HTF).
The Three Sisters apartments will consist of eight two and three-story residential buildings with a total of 70 one, two and three-bedroom units for families and individuals earning no more than 30%, 50%, and 60% of the Area Median Income (AMI).
Additional amenities at The Three Sisters apartments include comprehensive social services (such as group training, outreach, and bi-monthly health and nutrition education classes.
- ◦Development
- ◦Financing
