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Tax Credit Programs

New Mexico Affordable Housing Tax Credit

A state tax credit for up to 50 percent of the value of donations (cash, land, buildings or services) for affordable housing projects approved by the MFA or for donations made directly to the NM Affordable Housing Charitable Trust.

The Program

The New Mexico Affordable Housing Tax Credit program encourages private investment in affordable housing by providing donors to qualified housing developments with a credit on their state taxes. State tax credits provide a direct savings on income taxes, gross receipts taxes and compensating taxes (excluding local option gross receipts tax imposed by a municipality or county or the government gross receipts tax) to any eligible individual, business, and local or tribal government that makes a donation to an affordable housing development.  To use this tax incentive the donation must be made to an affordable housing development that has been approved by the MFA.  Once a project is approved and donations secured, investment vouchers are issued to the donors.

Donors receive investment vouchers for up to 50 percent of the value of the donation. Donations can be made by individuals, businesses and local governments with a minimum amount being $200.00 and the maximum $1,000,000.00.  The minimum tax benefit for a donor is $100.00 and the maximum benefit is $500,000.00.  Eligible donations may include land, buildings, cash or services which support the development of an approved affordable housing project. Supporting donations received by the project sponsor in exchange for tax credits may be used to fund acquisition, substantial rehabilitation and/or new construction of affordable housing projects throughout the state.

Eligible Projects

Affordable housing projects that qualify to participate in the New Mexico State Tax Credit program include the development of single family homes and multifamily rental housing located throughout New Mexico. 

A state tax credit is also available for donations made directly to the NM Affordable Housing Charitable Trust for affordable housing projects approved by the MFA.

Link to > NM Affordable Housing Charitable Trust

New Mexico Affordable Housing Tax Credit Program NOFA

Affordable Housing Tax Credit Rules

New Mexico Affordable Housing Charitable Trust Policy

Application Checklist (Rental Multifamily)

Application (Rental Multifamily)

Schedules (Rental Multifamily)

MFA Design Standards (Multifamily - All programs)

Application Checklist (Homeownership)

Application (Homeownership)

Schedules (Homeownership)

MFA Design Standards (Homeownership - All programs)

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

Donor List

Tax Credit Voucher

Tax Credit Transfer

2015 Income Limits and Area Median Income

Program Contact

Shawn Colbert
Director of Housing Development

Direct: (505) 767-2251
Main: (505) 843-6880
Toll free: (800) 444-6880