ALBUQUERQUE, N.M. – Several New Mexico Mortgage Finance Authority (MFA) employees volunteered on May 22 to help build new homes being constructed by Greater Albuquerque Habitat for Humanity. The MFA group helped with affordable homes being built in southeast Albuquerque.
Since its creation by the New Mexico State Legislature in 1975, MFA has provided quality affordable housing opportunities for all New Mexico residents, and Greater Albuquerque Habitat for Humanity has built affordable housing in communities throughout Albuquerque since 1987.
“At MFA, our team works day in and day out to help ensure New Mexicans have access to affordable housing, but it’s a rare moment when we have the opportunity to be the boots on the ground,” said MFA Executive Director/CEO Isidoro Hernandez, who helped with the Habitat for Humanity construction project. “This was a meaningful day for us, as we used our own hands to help build what will soon be a place Albuquerque families will call home.”
Habitat for Humanity is one of the largest participants in MFA’s Partners Program, which is used to purchase mortgages from nonprofit housing organizations as a way for the organizations to generate operating capital.
Greater Albuquerque Habitat for Humanity and Santa Fe Habitat for Humanity also have MFA-approved developments that may directly receive donations from the New Mexico State Tax Credit Program. Donations from individuals and businesses aid in constructing affordable housing statewide, offering a 50% state tax credit based on the value of the donation. Donations may be made directly to developers – such as Habitat for Humanity – with MFA-approved developments and may include land, buildings, monetary funds or services. Donations made to the New Mexico Affordable Housing Charitable Trust, a 501(c)3 organization administered by MFA, may include cash, stocks or bonds, with a minimum amount of $200 and maximum amount of $2 million.
Greater Albuquerque Habitat for Humanity held a dedication ceremony June 3 for the homes being built in southeast Albuquerque and plans two more dedications at the location June 15 and 29. This development was awarded $674,682 as part of the 2022 New Mexico Affordable Housing State Tax Credit Program. The purpose of the tax credits was to enable Greater Albuquerque Habitat for Humanity – as the sponsor – to generate contributions to assist with new construction of the seven single-family homes for households with incomes at or below 60% of the Area Median Income. For example, in the Albuquerque Metropolitan Statistical Area, 60% of the Area Median Income for a family of four is $51,840.
“The New Mexico State Tax Credit program has singularly been the most beneficial aspect of our new construction fundraising campaign,” said Greater Albuquerque Habitat for Humanity Executive Director Doug Champlin. “It provides our donors with an incredible incentive to increase their giving while receiving tax benefits on their gifts, annual distributions and planned gifts. We could not have planned or started construction on our newest seven-home neighborhood on Clifton Southeast without this program.”
To learn more about how to donate directly to Greater Albuquerque Habitat for Humanity’s and Santa Fe Habitat for Humanity’s MFA-approved developments through the State Tax Credit Program, please visit https://housingnm.org/developers/state-tax-credits/approved-developments-donate-directly. To learn more about all of MFA’s programs and services, visit housingnm.org.