ALBUQUERQUE, N.M. – Housing New Mexico, in partnership with the New Mexico Department of Finance and Administration, has launched a pilot program to address the shortage of affordable rental properties in the state. The Housing New Mexico Board of Directors approved the Rehab-2-Rental Program Notice of Funding Availability (NOFA) in the amount of $656,000 at its February meeting.
The program’s purpose is to expand housing opportunities and enhance the quality of the housing stock for tenant-based housing voucher holders in New Mexico by rehabilitating rental properties. Tenant-based housing vouchers include, but are not limited to Section 8, Linkages and municipal and county rental assistance. Rehab-2-Rental will offer forgivable loans of up to $25,000 per unit to landlords who currently lease or agree to lease their properties to housing voucher holders. The loans will facilitate necessary improvements to rental units to make the home ready to rent.
“Whether it’s single-family homes or rental properties, New Mexico is in great need of affordable housing for its residents,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “This program is a win-win in that it will help landlords with funding to bring rentals up to standards and will provide more opportunities for affordable housing in the state.”
Housing partners are invited to submit applications to become an approved Rehab-2-Rental service provider. Service providers will be tasked with working with housing voucher administrators – such as public housing authorities, and other governmental agencies offering vouchers – to submit rehabilitation projects on behalf of private landlords. Eligible applicants must have experience and/or knowledge of housing assistance and property rehabilitation including, but not limited to:
- Non-profit organizations
- For-profit organizations
- Public housing authorities
- Regional housing authorities
- Tribal governments
- Tribal housing agencies
Service providers currently administering a Housing New Mexico program and who are in good standing with Housing New Mexico are considered a grandfathered participant in the Rehab-2-Rental program and are not required to submit a new application but must submit required documents specifically for this program.
The NOFA will remain open as long as funding is available, at least through June 2026, and applications will be accepted on a rolling basis.
Eligible applicants are encouraged to join an informational webinar to be held Wednesday, April 2 at 11 a.m. The webinar will be recorded for those who cannot attend.
To view a full list of eligible applicants and to download the Rehab-2-Rental NOFA and related documents, visit the Housing New Mexico website.