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Homeownership Development

New Mexico Housing Trust Fund

Purpose

Provide flexible funding for housing initiatives that will provide affordable housing primarily for persons or households of low or moderate income.

Eligible Borrowers

Nonprofit organizations, for-profit organizations, governmental housing agencies, regional housing authorities, governmental entities, governmental instrumentalities, tribal governments, tribal housing agencies and other entities as outlined in the Notice of Funding Availability (NOFA.)

Eligible Projects

Costs of infrastructure, construction, acquisition and rehabilitation necessary to support affordable single family or rental housing as outlined in the NOFA.

Secondary Financing

MFA mortgage may be in first or junior lien position on the property.

Interest Rates

Typically 3 percent to 5 percent per annum.

Loan Term & Amount

  • Construction: up to three years (current maximum $1.5 million.)
  • Long term amortizing: up to 30 years (current maximum: $500,000.)
  • Exceptions to loan amounts may be considered at staff discretion if applicant can demonstrate need and for projects serving the lowest income level.

 

Affordability Requirements

Rental: households earning 60 percent or less of area median income (AMI.)
Single family residences: households earning 80 percent or less of AMI.
(See NOFA for exceptions, which can include workforce and special needs housing.)

Guaranties

A guaranty will be required from a financially responsible entity acceptable to MFA if funds are to be used during construction. If the proposed borrower has sufficient financial depth a guaranty may not be required. See checklist for required information.

Tri-annual competitive funding rounds. Applications are due by 5 PM on January 31, May 31 and September 30.

Forms and Reference Materials

Application

Schedules

Checklist

Applicant Certification

Equal Opportunity Employer Certification

Notice of Funding Availability (NOFA)

Single Family Design Standards (applicable to all programs)

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

Housing Trust Fund Act SB 115

Housing Trust Fund Act Rules

Program Contact

Sabrina Su
Program Manager

Direct: (505) 767-2249
Main: (505) 843-6880
Toll free: (800) 444-6880

Charitable Trust

Save 50 percent on your state taxes when you make a donation to affordable housing construction

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