MFA Awards $2.2 Million in Funding to Help Create and Preserve Affordable Housing throughout New Mexico
The Board of Directors for the New Mexico Mortgage Finance Authority (MFA) recently approved $2.2 million in New Mexico Housing Trust Fund (NMHTF) funding awards to help create and preserve affordable housing for more than 100 households across Taos, Hobbs, Albuquerque, and other cities throughout New Mexico.
“Funding these projects will ultimately help to ensure more New Mexicans will have access to safe, quality, affordable housing,” said MFA Executive Director and CEO Isidoro Hernandez. “The impact of these projects will benefit New Mexicans for years to come, especially some of the most vulnerable populations who will benefit from this funding.”
Funding was awarded based on each project’s readiness to proceed, financial feasibility, and ability to address long-term affordable housing needs. To qualify for the funding, all of the funded projects also had to have an energy-efficiency component.
To date, MFA has leveraged 21-to-1 the approximately $61 million dollars the state has invested in the NMHTF fund since it was created in 2005. This funding generated the development of 4,795 affordable housing units with an economic impact of $580 million across the state.
The widespread need for affordable housing creation and presentation was recently identified in a 2022 study commissioned by the MFA-led Housing New Mexico Advisory Committee that found 5,140 new single-family homes are needed every year to meet the growing demand for housing, 43,000 units need accessibility modifications, 40,000 units are in need of rehabilitation, 175,000 homes need energy efficiency improvements, and at least 6,500 units of permanent supportive housing are needed for those who are homeless. The study also found that there is currently a statewide shortage of 32,000 units for renters making less than 30 percent of Area Median Income (AMI) and 218,471 New Mexico households were identified as “cost burdened” – spending more than 30 percent of their income on housing costs.
The projects awarded funding include:
North Central NM Economic Development District (NCNMEDD) Senior Home Repair – Statewide - $1 million
Funding will allow NCNMEDD to contract 56 service providers to provide health and safety upgrades for senior households in need of home repairs or accessibility modifications. NCNMEDD is the parent organization for the Non-Metro Area Agency on Aging which oversees services for seniors, ages 60 and older, in all New Mexico counties except Bernalillo and includes a network of aging services providers statewide, including local governmental entities and non-profit organizations. The funding will provide assistance to more than 40 households across the state.
YES Housing West Berry Senior Apartments - Hobbs, NM - $627,000
Funding will support construction costs for the new development. The complex is designed to serve seniors, ages 55 and older, and very low-income residents and will include a total of 44 one-bedroom and 12 two-bedroom units. Twenty five percent of the units will be for households with incomes at or below 50 percent of AMI, which is starts at about $24,000 per year for a one-person household and goes up based on household size. The remaining 75 percent of the units will remain affordable to residents at or below 60 percent of AMI, which starts at about $29,000 per year for a one-person household and goes up based on household size.
Homewise Condo Rehab and Resale – Albuquerque, NM - $400,000
Funding will support the acquisition, rehabilitation, and resale of condos at the blighted, fire-damaged property at 119 High Street in Albuquerque. The project includes energy-efficient rehabilitation upgrades to the historical building and will provide several units for sale to households with incomes at or below 65 percent of AMI, which starts at about $32,000 per year for a one-person household and goes up based on household size.
Dreamtree NEST (Navigating Emergency Support Together) Facility - Taos, NM - $200,000
Funding will support construction costs related to renovation of the NEST. The facility will offer the combined services of a daytime rescue hub and an overnight shelter for those experiencing homelessness. In 2021, the Dreamtree Project assisted more than 100 individuals with crisis housing.