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Shuttered El Paso Housing Project to Receive $93M Redo
The renovation of the 286-unit rundown Ruben Salazar low-income complex in El Paso will cost about $93 million, including development and financing costs and just over $56 million for construction. Part of the financing is a $56.8 million loan from JP Morgan Chase.
The project, only blocks from the Mexican border, is expected to be completed in 2½ years.
The blighted property, consisting of dozens of boarded-up townhouse-like buildings, has been a ghost town since the El Paso housing authority (HOME) closed it in 2019.
The city’s award of a $6.5 million federally funded Community Development Block Grant for the renovation was also key to completing the project’s financing.
- ◦Development
- ◦Financing
