Fifty Years of Housing New Mexico
50 Stories from 50 Years
For five decades, we've been dedicated to transforming lives through housing. As we celebrate our journey, we're sharing 50 powerful stories—told through photos, videos, and personal experiences from those we've helped along the way—as well as highlighting the individuals who have contributed to Housing New Mexico's milestones.
Every week, we’ll unveil two new stories, building up to our Housing Summit in September. Come back often, explore our history, and see firsthand the impact we've made together. You won’t want to miss a single story!
Day 1
As we gear up for the 2025 New Mexico Housing Summit, we’re launching 50 Stories from 50 Years —a journey through the moments that shaped Housing New Mexico. Day 1 of 50: The House Bill that started it all (1975) Rep. Adele Cinelli Hundley recruited legislators who “had the political muscle” to get the proposed housing agency legislation passed. Reps. Cinelli Hundley, Raymond Sanchez and Edward Lopez introduced the Mortgage Finance Authority Act as House Bill 88 during the 1975 State of New Mexico legislative session (32nd legislature).
Day 2
A Housing New Mexico (then known as New Mexico Mortgage Finance Authority) employee and pillar of the community who gave his life to affordable housing, received his first loan in 1976 under the Loans to Lenders program. New Mexico lost a great and unselfish advocate for the poor, rural families and Native American housing with the loss of Schmeider in 2016.
Day 3
First bond ever! In December 1976, Housing New Mexico made history with its first-ever bond issue—a $20 million bond sale! 💰 This milestone helped lay the foundation for expanding affordable housing opportunities across the state. Pictured here in 2015, former Rep. Adele Cinelli Hundley, and lobbyist and chairman of Housing New Mexico’s first board of directors Toby Michael, were instrumental in the success of Housing New Mexico in 1976, when the first bond issue was executed.
Day 4
Our first home: Did you know? After working out of rented space for several years, Housing New Mexico purchased its first office building in 1979 at 115 Second Street in Albuquerque. Payment on the building, known as the Roger Cox building, was only $621 per month! Even the furniture and equipment had a unique story—they were purchased from the Gallup Urban Development Agency.
Day 5
Beginnings: Reflecting on the early days of Housing New Mexico (1979-1983). From left to right: Tom Hundley, first executive director; Toby Michael, chairman of the board; former Gov. Bruce King; and Larry Griffis, first deputy director. We are proud of our beginnings and the journey ahead!
Day 6
Our Second Home: Another move! In 1985, Housing New Mexico settled into its new home at 344 Fourth Street SW in Albuquerque. Originally built for the city's YWCA in 1940-1941, this historic gem was designed by Gordon Ferguson Architects and constructed by JE Morgan & Sons for just $4,500.
Day 7
When Housing New Mexico bought the YWCA building on Fourth Street in 1985, it was renovated to accommodate a staff of 26. Part of the remodel involved removing a gas station located in the front lot, which belonged to PNM, whose offices were directly to the west. After the transfer of state housing programs to Housing New Mexico in 1997, the agency experienced rapid growth. In 2000, the building underwent a major renovation that added more than 13,000 square feet of space. By the time Housing New Mexico moved out of the Fourth Street building in September 2024, the staff had grown to about 120.
Day 8
Housing New Mexico expanded its homeownership programs in 1991 to include down payment and closing cost assistance. The assistance put the dream of homeownership within reach of many families who lacked the resources to cover a down payment.
Day 9
Housing New Mexico issued over $200 million in bonds by refunding previously issued bonds. Here's what that meant for New Mexicans: 📆 It all started with the 1992 A and B bond issues, which funded $42 million in home loans, helping more New Mexicans into homes. 🏠 387 homeowners across 20 counties received rebate checks between $1,900 and $9,000—totaling $2.16 million! 💰 Housing New Mexico also added $12 million to its General Fund, helping launch several new housing programs.
Day 10
In 1994, Housing New Mexico established what was then known as the Loan Administration and Servicing Department—marking a significant milestone in our commitment to long-term homeownership success. Today, this important component is proudly known as the Servicing Department, and it continues to play a critical role in the lifecycle of every loan and grant we manage, from acquisition/funding through final disposition.
Day 11
In 1995, Housing New Mexico was the sole participant in the U.S. Department of Housing and Urban Development’s 542c program within a five-state region. This milestone marked the start of our mission to produce and preserve affordable apartments. 🔑
Day 12
By July 1, 1997—less than four months after Gov. Gary Johnson designated Housing New Mexico as the state’s housing finance authority— new programs were incorporated while existing operations continued seamlessly. Housing New Mexico helped relocate the 20 employees who had been working at the state’s housing department to other state jobs. Three of those state employees were hired to work for Housing New Mexico, and two new employees joined the team, for a total of five employees. Housing New Mexico empowered nonprofits, developers and housing professionals to manage daily operations, and formed task forces to improve service delivery.
Day 13
In 1997, Gov. Gary Johnson transferred all the state’s housing programs to Housing New Mexico, including the Low-Income Housing Tax Credit Program (LIHTC) and federal HOME funding. Having the LIHTC program and HOME funding allowed Housing New Mexico to finance millions of dollars in housing construction and rehabilitation projects every year. Housing New Mexico also became responsible for homelessness prevention and assistance programs, weatherization, special-needs housing and rental assistance programs.
Day 14
When Gov. Gary Johnson signed an executive order making Housing New Mexico the state’s housing finance authority in 1997, original program funding was as follows: Emergency Shelter Grant: $900,000, Continuum of Care: $1.3 million, Rental Assistance Program: $220,000, Weatherization Assistance Program: $2 million, Housing for Persons with AIDS/HIV: $1.1 million and Low-Income Housing Tax Credits: $30 million
Day 15
In 2001, Housing New Mexico’s Asset Management Department was established to ensure the long-term success of affordable housing across the state. The department continues to monitor Housing New Mexico’s portfolio of properties for compliance with federal housing regulations. - Portfolio includes 20,000+ units at 300+ communities. - Team conducts compliance audits & inspections. - Contract with U.S. Department of Housing and Urban Development includes 84 Section 8 properties. Protecting homes. Supporting families.
Day 16
In 2001, Housing New Mexico completed its first-ever Federal Housing Administration (FHA) Risk Share Loan on Tribal land — a major milestone in Tribal housing! Tsigo Bugeh Village at Ohkay Owingeh (formerly San Juan Pueblo) provided 31 new affordable apartments for Tribal members, thanks to four subsidies and strong partnerships. Funding highlights included: • $310K from the HOME Investment Partnership Program • $307K in Low-Income Housing Tax Credits • $300K from a Rural Housing & Economic Development Grant • A $180K loan funded by Housing New Mexico and insured by FHA under the 542(c) program — marking the first time this program was used on Native American trust lands Additional funds came from the Federal Home Loan Bank and Tribal resources through the Native American Housing and Self Determination Act. This community marked a significant achievement in advancing affordable housing on Tribal land in New Mexico.
Day 17
The Affordable Housing Act, championed by Rep. Ben Luján, was created in 2004. Since then, local governments in New Mexico have donated $117.8 MILLION in land and resources under the Act. Under the Act, local governments can donate land, buildings, and funds to help build and preserve affordable homes. 🏘️ With support from Housing New Mexico, there are currently 39 local governments that have stepped up—creating housing plans, passing ordinances, and putting real resources behind real solutions. This is what investing in the community looks like. 💪
Day 18
The New Mexico Affordable Housing Tax Credit Program was created by the approval of the Affordable Housing Tax Credit Act by the state legislature in March of 2005 and signed into law by Gov. Bill Richardson in April of 2005. Rep. Daniel P. Silva and Sen. John Arthur Smith sponsored the legislation. State tax credits are available to individuals and businesses that make donations to the program, and the tax credit is equal to 50% of the donation’s value.
Day 19
Championed by Sen. Nancy Rodriguez, the New Mexico Housing Trust Fund Act was signed into law during the 2005 legislative session. With a $10 million appropriation, the Act created a mechanism for the state to provide funding for affordable housing construction.
Day 20
Housing New Mexico created the New Mexico Affordable Housing Charitable Trust in 2007. The following year, the Internal Revenue Service granted approval of the Trust’s tax-exempt status under section 501(c)(3) of the Internal Revenue Code, allowing donations to be made to the New Mexico Affordable Housing Tax Credit Program. Through the program, state tax credits are available to individuals and businesses that provide donations to help build affordable housing. Donations may be made directly to an affordable housing development that has been approved by Housing New Mexico or to the New Mexico Affordable Housing Charitable Trust. The credit is equal to up to 50 percent of the value of the donation, which may include land, buildings, money or services. Dennis and Iesha Larrañaga became homeowners through Santa Fe Habitat for Humanity, supported by the New Mexico Affordable Housing Tax Credit Program. (Photo courtesy Santa Fe Habitat for Humanity)
Day 21
El Cerrito Apartment Homes in Taos was completed in 2007 to serve people experiencing homelessness and families displaced by domestic violence. Funded by Housing New Mexico, the developers took the rare step of presenting their design to the public—and adjusted plans based on community feedback before building. 💙 Housing New Mexico believes that everyone deserves a safe place to call home—and we're working every day to make that a reality. 🏡
Day 22
While the nation struggled, Housing New Mexico stepped up. From 2008–2011, we: ✅ Maintained all programs and services ✅ Allocated $95M+ in federal stimulus ✅ Built tools for fast, effective funding Results: 🏠 3,691 homes weatherized 🚪 $6.8M in rapid rehousing 🏗️ Nearly 1,000 affordable homes built or rehabbed Because even in the hardest times, we never stopped housing New Mexico.
Day 23
In 2015, Housing New Mexico—then led by former executive director Jay Czar—celebrated its 40th anniversary, a milestone that reflected four decades of commitment to affordable housing in our state. Since 1975, we’ve helped thousands of New Mexicans find stability, opportunity, and a place to call home. The 40th anniversary was more than just a celebration—it was a reaffirmation of our mission and the lives touched along the way.
Day 24
Housing New Mexico launched Phase I of its Servicing Expansion Project in June 2016 in partnership with the Idaho Housing and Finance Association (IHFA). During this phase, Housing New Mexico purchased the Mortgage Servicing Rights (MSRs) for its first-time homebuyer loans, while IHFA pooled, securitized, and sub-serviced the loans under Housing New Mexico’s seller/servicer number via a hybrid sub-servicing agreement. This strategic approach provided Housing New Mexico with financial control over the MSRs and established a new, sustainable revenue stream.
Day 25
In 2017, Housing New Mexico celebrated a lending record—helping more than 2,500 families across the state achieve homeownership. With $370.5 million in Housing New Mexico loans and $14.5 million in down payment assistance (a 21% increase from the previous year), we made homeownership possible for thousands of New Mexicans
Day 26
In 2018, Housing New Mexico launched HomeNow—another innovative product designed to help more New Mexicans achieve the dream of homeownership. HomeNow is a second mortgage loan that provides down payment and closing cost assistance to first-time homebuyers with lower household incomes. The loan has a 0% interest rate and may be forgiven after 10 years if specificconditions are met. Since its creation in 1975, Housing New Mexico has continued to work toward its vision: that all New Mexicans will have quality affordable housing opportunities through programs like HomeNow.
Day 27
In 2019, Isidoro Hernandez was named Housing New Mexico’s sixth executive director, bringing with him nearly three decades of experience and leadership within the organization. Isidoro began his journey with Housing New Mexico in 1992 as a management trainee and worked his way through nearly every department—serving as director of single-family programs, director of community development, and deputy director of programs. His deep understanding of the agency’s mission and operations made him a natural choice to lead.
Day 28
In 2022, Senate Bill 134 marked a turning point for affordable housing in New Mexico. Thanks to this legislation, Housing New Mexico began receiving recurring funds into the New Mexico Housing Trust Fund—a critical step toward sustained investment in housing solutions across the state.
Day 29
The U.S. Department of Energy’s Weatherization Assistance Program (WAP), delivered locally through programs like NM Energy$mart, helps families make their homes more energy-efficient, safe, and comfortable. Just ask Joani Amos, who shared: “Not a day goes by that I am not thankful for this wonderful blessing! Winter and summer I no longer worry about being comfortable in this old house or worry about utility bills I can’t pay. Thank you seems barely enough to show my gratitude and joy from the blessings you all have brought to me.”
Day 30
The Landlord Collaboration Program helps young adults at risk of homelessness find safe, stable housing by connecting them with supportive landlords. Through a partnership between CYFD, Housing New Mexico, and youth service providers, the program encourages successful tenancies and brighter futures. One young person shared: “I felt like being a young person trying to rent was a burden. Everywhere I would go, it was like they didn’t want me there. In my old place they told me I should feel lucky to have this place, even though I didn’t like it. Since the program, they have been able to connect me with a landlord in the program who really cares about my comfort. I love my new place, and I feel like I can talk to my landlord about stuff.”
Day 31
Since its inception in 1975, Housing New Mexico has helped the dream of homeownership become a reality for many New Mexicans. In 2023, Tai Wilson realized her homeownership dream thanks to Housing New Mexico and participating lender, Nikki Sandoval-Belt with Cornerstone Home Lending in Farmington. “You have no idea how thankful I am for the MFA program. I’m super thankful and I cannot believe I’m here in my own home with my kids. I’m super excited to work for something that’s going to be mine in the long run and, hopefully, my kids’ when they grow up. Thank you very much. You guys rock.”