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Homeownership Development

Land Title Trust Fund

Purpose

The Land Title Trust Fund Act provides that certain title company escrow funds may be placed in interest-earning accounts, with the interest earned to be remitted to the Trust Fund. The fund will be used to finance loans or grants that will provide housing for low-income persons (household income not more than 80 percent of median) and other uses as shown below. (Note - real estate brokers, and escrow closing agents subject to the Low Income Housing Trust Act may also place escrow funds in interest-earning accounts as described below.)

The Mechanics

  1. Title company, real estate broker or escrow closing agent places escrow funds in special interest-earning accounts.
     
  2. Financial institution or title company remits the interest from these special accounts to the fund at least quarterly, pursuant to MFA rules utilizing the following forms:
  3. Trustee (MFA) oversees the deposits, investments and disbursements of the fund pursuant to the Act and the rules.

 For more information on how to participate, contact Laura Thompson at 505-843-6880 or 505-767-2235. 

Use of Money

  • Eligible activities:

    Loans or grants to eligible organizations to provide housing for low-income persons;

    Funds to provide scholarships for New Mexico high school graduates/GED recipients at NM public post-secondary institutions under a program to be administered by a nonprofit statewide land title association.

  • Eligible organizations:

    501(c)(3) nonprofits whose primary purpose is to provide affordable housing;
    Units of state or local government dealing with housing;
    Local or regional housing authority or a tribal agency dealing with housing.

 

Application Rounds

Applications are submitted quarterly with deadlines the second Friday of January, April, July and October. Funding requests must be submitted the standardized application form with a checklist (see NOFA below). Applications will be reviewed for completeness and scoring. If acceptable they will be passed on to the LTTF Advisory Committee and subsequently to the MFA Board of Directors. If applications are incomplete or otherwise unacceptable, they will be returned to the applicant for completion or with a rejection notice. A minimum score of 75 points must be achieved for a project to be funded. No applicant may access more than 30 percent of available funds.

There are currently no funds available for the LTTF. Please check this page from time to time to see if the situation has changed.

Forms and Reference Materials

NOFA and Application Guidelines

Applicant Certification

Single Family Design Standards (applicable to all programs)

Schedules

Architect's Certification of Compliance with MFA's SF Design Standards

Participating NM Title Companies June 2010 with breakdown by County

Land Title Trust Fund Act

Charitable Trust

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