New Mexico Mortgage Finance Authority announces funding for affordable housing programs

ALBUQUERQUE, N.M. (KRQE) – With the costs of buying and renting homes skyrocketing in recent years, and many New Mexicans struggling to make ends meet, the state agency charged with addressing housing needs, is working to help.

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From the homeless to prospective homebuyers, New Mexicans could have more affordable housing options after the Mortgage Finance Authority received nearly $85 million in funding from the state.

“People aren’t able to save money because they’re paying so much in rent for the down payment and the closing costs. So, us being able to provide funds to do that really helps a lot of folks to get into homeownership,” said Isidoro Hernandez, Director and CEO at Housing New Mexico (MFA).

During a news conference, MFA and partners from Santa Fe to San Felipe Pueblo shared success stories about the impacts funding from MFA has had in the past on their programs. MFA revealed their findings from their annual report evaluating housing needs throughout New Mexico to figure out where the funds need to go.

“The number of homeless individuals increased by 50 percent between 2022 and 2023 based on the point-in-time count,” said Hernandez.

Among other statistics, the report found that the increase in average income has not kept up with housing costs in New Mexico. “You know we will continue to work with our partners to be able to make sure that we’re effectively and efficiently using all the funds that we are entrusted with,” said Hernandez.

Some of the funds will go towards programs already in place to create new housing. Others, to preserve existing affordable housing options.

Projects like the Santa Fe Suites, which recently converted a hotel into 40 apartments to help people out of homelessness, and another 80 low-income units.

“It just feels great too, I feel like I have the best job in the nation and definitely here in New Mexico; that we have just a great mission and you just every day you come in you know that what we do here and what we do through our partners is helping families out there,” said Hernandez.

About 35 of that 85 million dollars is what the agency would receive in a typical year, plus 50 million dollars more in one-time funding to bolster programs around the state. MFA predicts the funds will be able to assist 13,000 families.

The full report on housing needs can be found here . More of MFA’s resources, lender, and partner information can be found at this link .

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