New Mexico Mortgage Finance Authority administers over $585 million, serving nearly 19,000 households in fiscal year 2023
ALBUQUERQUE, N.M. – The New Mexico Mortgage Finance Authority (MFA) continues to have a positive impact on New Mexicans, serving 18,963 households and administering $585.8 million in funding in fiscal year 2023 (Oct. 1, 2022-Sept. 30, 2023). According to its annual report, MFA helped produce, finance or preserve a total of 3,707 homes.
“Although it was a challenging year, MFA, alongside our 350+ partners, expanded affordable housing opportunities across the state,” said MFA Executive Director/CEO Isidoro Hernandez. “Whether it was helping to create stable housing environments, assisting first-time homebuyers or administering tax credits for the purpose of new affordable housing construction, we continued to push forward and get creative with our programs to address the ever-changing needs of New Mexico’s communities.”
Established by the state legislature in 1975, MFA is a self-supporting quasi-governmental entity that secures funding through housing bonds, tax credits, federal and state agencies and private institutions. This funding is directed toward various initiatives, including the construction of affordable rental communities, rehabilitation of aging homes, provision of down payment assistance and affordable mortgages, emergency shelter services, as well as the administration of rental assistance and subsidies.
As identified in the 2022 New Mexico Housing Strategy administered by MFA, affordable housing priorities in the state include:
- creating more housing
- preserving and improving existing affordable housing and catalyzing redevelopment
- building homeownership and wealth
- creating stable housing environments and
- federal advocacy
In fiscal year 2023, MFA’s overall impact included the following:
- $126,560,000 for constructing, weatherizing, rehabilitating, preserving or redeveloping 1,862 homes
- $388,294,000 for first mortgage and down payment assistance, totaling 3,352 loans to 1,845 families
- $24,145,000 for mortgage assistance to 2,925 households
- $39,796,000 for housing vouchers, benefiting 5,843 households
- $7,002,000 for housing stability and homeless shelter services, aiding 6,488 people
“From homeless prevention support to rental development to homeownership programs, it’s imperative we all keep working together to provide affordable housing opportunities to New Mexicans,” said MFA Chief Housing Officer Donna Maestas-De Vries. “In the current fiscal year, we will continue to make the most impactful use of federal, state and private funding sources to leverage our programs and continue to address the housing needs in our state.”
MFA’s efforts in 2023 significantly contributed to the state’s economy, resulting in $433 million in direct and indirect economic impact. MFA’s programs and projects also helped create and support 5,900 construction and long-term jobs statewide.
To access the complete annual report and MFA’s 2023 financial audits and statements, visit housingnm.org/financials.