Housing New Mexico

The New Mexico Mortgage Finance Authority is a self-supporting quasi-governmental entity that provides financing to make quality affordable housing and other related services available to low- and moderate-income New Mexicans. Using funding from housing bonds, tax credits and other federal and state agencies, MFA provides resources to build affordable rental communities, rehabilitate aging homes, supply down payment assistance and affordable mortgages, offer emergency shelter and administer rental assistance and subsidies. MFA partners with lenders, REALTORS, nonprofit organizations, local governments, tribal communities and developers throughout the state to make these programs and services available to all eligible New Mexicans. To learn more, watch the video below.

Our Vision

All New Mexicans will have quality affordable housing opportunities.

Our Mission

MFA is New Mexico’s leader in affordable housing. We provide innovative products, education and services to strengthen families and communities.

Our Core Values

Responsive: To meet New Mexico’s needs, MFA optimizes resources, cultivates partnerships and makes our programs accessible.

Professional: MFA upholds high personal and professional standards. We comply with regulations and ensure prudent financial stewardship.

Dynamic: MFA is a dynamic place to work. Our employees are our strength. We embrace diversity and provide opportunities for personal and professional growth.

Our Mandate

In 1975 the New Mexico state legislature created the New Mexico Mortgage Finance Authority, a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality, with the power to raise funds from private investors in order to make such private funds available to finance the acquisition, construction, rehabilitation and improvement of residential housing for persons and families of low- and moderate-income within the state.

The History of MFA

From its rocky beginning in 1975 to the present time of unprecedented growth, MFA has become a thriving agency providing a full spectrum of housing programs. Since 1975, MFA has helped more than 475,000 New Mexicans find quality affordable housing.

Former Rep. Adele Cinelli Hundley helped introduce the idea of MFA to New Mexico lawmakers in 1975 and co-sponsored the legislation. Coincidentally, her second husband, Thomas Hundley, was MFA’s first executive director. read more

Recent photo of former Rep. Adele Cinelli Hundley and former lobbyist Toby Michael, who was instrumental in getting the MFA legislation passed. Mrs. Hundley said getting the bill passed through the senate was “the hardest thing I ever did in my career.” read more

1975 Albuquerque Journal headline that galvanized members of the fledgling board to take out personal loans to get MFA launched. Because all funding had been stripped out of the bill that formed MFA, staffing was light and sporadic. Board members did much of the work. read more

The late Bill Fowler, center, founder of Suburban Mortgage, center, was one of the first mortgage lenders to use MFA’s bond money to help low-income families buy homes. He is pictured with his son, Alan Fowler, whose former company, First Mortgage, is also a long-term supporter of MFA. Dolly Azar, one of MFA’s first employees, is pictured at right. read more

Pivotal meeting of state legislators and the fledgling MFA board in September 1975. Sen. Joseph Fidel encouraged legislators to work with the MFA board to get they organization off the ground. read more

MFA’s first office building, which the organization purchased in 1979, still stands on the corner of Second Street and Central Avenue in Albuquerque. The building was dubbed “Albuquerque’s modern office building” by the press. MFA had an executive director, deputy director and staff of two when it moved into the building. read more

In 1985, MFA purchased the YWCA building at Fourth Street and Lead Avenue in Albuquerque. The building had been used to house young women working downtown and also served as an overnight shelter for women traveling alone. The building was constructed in 1940-1941 for $4,500 and is designated as a local significant building, due in part to its territorial revival style architecture. The MFA office is still located in this building. read more

In 1991, MFA created a program to help families overcome the biggest hurdles to homeownership: saving enough for a down payment and paying for closing costs. This family was one of the first of almost 28,000 families to benefit from MFA’s down payment assistance programs. read more

An innovative $202 million transaction that refinanced one-third of MFA’s existing bonds generated a $12 million refund to MFA in 1992. Just over $2 million of the refund was dispersed to 387 homeowners with MFA loans, some of whom are pictured here at a signing ceremony with then Gov. Bruce King. The remainder of the refund was used to create several new MFA funding programs that are still in use today. read more

In 1997, MFA took over all of the state’s housing programs, including the Low Income Housing Tax Credit Program. MFA also became the primary recipient of federal HOME. Having the LIHTC program and HOME funding allowed MFA to finance millions of dollars in housing construction and rehabilitation projects every year. MFA was also now responsible for homelessness prevention and assistance programs, weatherization, special-needs housing and rental assistance programs. read more

MFA’s 1997 program expansion meant more staff and a need for more space. A 13,000 foot addition was built in 2000. In years following the renovation, the State of New Mexico passed several pieces of legislation that significantly expanded MFA’s role as the state’s affordable housing leader. read more

From its shaky beginning, MFA has grown into a thriving organization that provides quality affordable housing for more than 18,000 New Mexico households throughout New Mexico every year. read more