NM Mortgage Finance Authority allocates over $2.2 million to expand HOME Rehabilitation Program across 25 counties and three Tribal Territories
ALBUQUERQUE, N.M. – The New Mexico Mortgage Finance Authority (MFA) is set to make a substantial impact on housing across the state, with over $2.2 million in funding allocated to its HOME Rehabilitation Program. This initiative will serve 25 counties and three Tribal Territories.
MFA awarded funding to five agencies to provide critical home rehabilitation services:
Bernalillo County Housing Authority: $293,550
El Camino Real Housing Authority: $489,250
Ohkay Owingeh Housing Authority: $489,250
Santa Fe Habitat for Humanity: $489,250
Southwest Regional Housing and Community Development Corporation: $489,250
The funds are sourced from the federal HOME Investment Partnership Program, administered through a Housing and Urban Development (HUD) grant, with MFA allocating a total of $4,497,360 to the HOME Rehabilitation Program for 2023.
The funding will enable the rehabilitation of homes occupied by eligible low-income homeowners, ensuring that their homes meet safety and habitability standards and are brought up to code. To qualify, the annual household income must not exceed 80% of the area median income. For example, in Valencia County, 80% of the area median income for a family of four is $63,900.
Leann McDonald, MFA’s HOME Rehabilitation Program Manager, said that this year’s funding will impact even more areas of the state than in previous years.
“Three of the agencies receiving funding will provide services to 14 new areas of the state, including 13 additional counties and one additional Tribal Territory,” said McDonald. “With the increase in service areas, even more New Mexicans will benefit from programs funded by the New Mexico Mortgage Finance Authority, furthering our mission of strengthening families and communities and working to ensure all New Mexicans have quality, affordable homes.”
Notably, this year’s program extends assistance to previously unserved counties, including Chaves, Cibola, Colfax, Curry, De Baca, Lea, Lincoln, Mora, Otero, Roosevelt, San Miguel, Santa Fe, Taos, as well as the Tesuque Pueblo. Counties that will continue to be served by the HOME Rehabilitation Program through this funding include Bernalillo, Catron, Doña Ana, Eddy, Grant, Hidalgo, Luna, Sandoval (including the San Felipe Pueblo), Sierra, Socorro, Torrance, Valencia, as well as the Ohkay Owingeh Pueblo.
The five service providers were scored on their financial strength, construction and rehabilitation experience, and implementation plan.
MFA’s Executive Director/CEO Isidoro Hernandez said there is a tremendous need for this program.
“A recent study published by MFA indicates that over 40,000 homes are in need of rehabilitation statewide,” said Hernandez. “We are grateful to our partners who are helping address that need, ultimately resulting in safe, quality homes for New Mexicans.”
The remaining funding of $2.25 million in the HOME Rehabilitation Program will be available for qualified applicants interested in providing services to unserved areas of the state, as well as current service providers upon 80% expenditure of their current funding allocation, to assist additional households.
For more information about the HOME Rehabilitation Program, please visit https://housingnm.org/developers/homeownership/home or contact Leann McDonald at 505-767-2289.