Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in New Mexico

Governor Michelle Lujan Grisham and other local officials joined LAC to celebrate Santa Fe County's first multi-family and affordable development.

SANTA FE, N.M., June 5, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a groundbreaking ceremony last week at the future site of Cresta Ranch Apartments, a new development that will provide 240 units of affordable housing to lower-income residents in Santa Fe.

"LAC is proud to bring high-quality, affordable housing to communities like Santa Fe where the need is especially urgent," said Ben Taylor, LAC vice president and project partner. "Cresta Ranch will deliver on our mission by supporting generations of New Mexico families who may otherwise be priced out of the area."  

Taylor and LAC were joined at the event by a host of community leaders and local officials including New Mexico Governor Michelle Lujan Grisham, and Santa Fe County Commissioners Hank Hughes and Justin Greene.

Cresta Ranch will be the first multi-family and affordable development in Santa Fe County and is comprised of 10 buildings of 24 two- and three-bedroom homes, with each unit featuring a balcony and walk-in closet. The community will offer amenities including a fitness center, yoga studio, community room, playgrounds, on-site leasing offices, mail and package room, and common area for laundry. Units will be leased to individuals and families earning up to 60% of the Santa Fe County Area Median Income.

The development is financed with a $4 million New Mexico Housing Trust Fund loan and federal Low Income Housing Tax Credits from Housing New Mexico, along with a $35 million conduit tax-exempt bond issuance through Santa Fe County and a $1.32 million of gap funding through their newly created Developer's Assistance Program (DAP). Other financing partners included JP Morgan Chase, National Equity Fund, and Barings. Construction on the development began in January and the first units are expected to begin leasing in Summer 2026.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents. 

SOURCE Lincoln Avenue Communities