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Affordable Housing Development

MFA’s Housing Development Department provides funding for developers who are creating or rehabilitating housing for low-income families, both rental and for-sale homes. Our primary funding method is through the allocation of federal and state tax credits. We also offer several below-market rate loan programs that that are often used in conjunction with tax credits. We appreciate inquiries and are glad to explain our programs. We can be reached at 505-843-6880. We prefer to discuss projects with developers prior to application in order to determine which programs would work best for a given project.

COVID-19 RESPONSE for LIHTC DEVELOPERS

MFA continues to monitor the impact of COVID-19 on Low Income Housing Tax Credit program participants specifically as it relates to program project development compliance requirements and deadlines. MFA has reviewed the existing IRS Revenue Procedure 2014-49, and will be granting relief as provided below for any qualifying project that requests an extension.

Extension of 10% Test for 6 Months

Developments that meet the following criteria may be eligible to receive an extension of the 10% test deadline. Your request must be emailed to Kathryn Turner (kturner@housingnm.org), no later than October 1, 2020, and must include reasons for the requested extension.

• 2019 Projects that entered into a Carryover Agreement for 2019 credits prior to April 4, 2020, the date that the Major Disaster Declaration was approved for New Mexico due to COVID-19, may receive a 6 month extension to meet the 10% test. The new deadline for Taxpayers to incur more than 10% of the Development's reasonably expected basis will be February 26, 2021 once granted an extension.  The 10% test and construction start application materials will be due to MFA no later than February 21, 2021.

• 2019 Projects that received either a full or partial Forward Commitment of 2020 credits subject to the 2019 QAP deadlines, and entered into a Carryover Agreement prior to April 4, 2020, may receive a 6 month extension to meet the 10% test.  Once granted an extension, the 10% test and construction start application materials will be due to MFA no later than February 26, 2021.

Extension of Placed in Service Date for 12 Months

Developments that meet the following criteria may be eligible to receive an extension of the placed in service date to December 31, 2021. To qualify for an extension, a written request for relief must be submitted to MFA (which includes confirmation that the development was not placed in service prior to April 4, 2020, and reasons for the requested extension). Your request must be emailed to Kathryn Turner (kturner@housingnm.org), no later than October 1, 2020. Upon confirmation that the below criteria have been met, the Agency may issue written confirmation of the 12 month placed in service extension. (Placed in service application materials will be due to MFA no later than November 15, 2021).

• 2018 Projects with an Allocation of 2018 credits thereby requiring placement in service no later than December 31, 2020.

• 2018 Projects that received either a full or partial Forward Commitment of 2019 credits subject to the 2018 QAP deadlines, requiring placement in service no later than December 31, 2020.

Developments that meet the following criteria may be eligible to receive an extension of the placed in service date to December 31, 2022. To qualify for an extension, a written request for relief must be submitted to MFA (which includes confirmation that the development was not placed in service prior to April 4, 2020, and reasons for the requested extension). Your request must be emailed to Kathryn Turner (kturner@housingnm.org), no later than October 1, 2020. Upon confirmation that the below criteria have been met, the Agency may issue written confirmation of the 12 month placed in service extension. (Placed in service application materials will be due to MFA no later than November 15, 2022.)

• 2019 Projects with an Allocation of 2019 credits thereby requiring placement in service no later than December 31, 2021.

• 2019 Projects that received either a full or partial Forward Commitment of 2020 credits subject to the 2019 QAP deadlines, requiring placement in service no later than December 31, 2021.

Projects granted an extension will be required to submit quarterly progress reports during the extension period. 

MFA will continue issuing additional guidance related to COVID-19 as applicable. Please continue to check this site for updated information.


Available Properties


Villa Mentmore, a 52-unit affordable property in Gallup, is available for sale. Property and financial details can be found here.

Join MFA's available properties notification list. We will e-mail you an update when changes are made to our available properties list.

Available Properties Notification List

Charitable Trust

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