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.