Apply for State Tax Credits for Your Development
Affordable housing developers may apply to MFA for state tax credit allocations, which they then award to individuals and businesses who donate to their affordable housing projects. Eligible applicants include nonprofit or for-profit developers as well as governmental and tribal instrumentalities that plan to solicit donations for the development of an affordable housing project.
Tax credit applicants must demonstrate that their housing development includes one or more of the following activities: land acquisition, building acquisition, construction, remodeling, improvement, rehabilitation, conversion or weatherization. Both single-family and multifamily projects are eligible for a state tax credit allocation, but the projects must be approved by MFA. When completed, developments must remain affordable for a minimum of five years for single-family projects or 10 years for multifamily.
Upon successful review of a developer’s application, MFA issues a tax credit reservation letter to the developer for their affordable housing project. The maximum award size is 25 percent of the credits available to MFA in a given calendar year, which is between $4 million to $5 million annually. The developer is then able to solicit tax credit-eligible donations for no more than the credit amount authorized on the reservation letter.
To speak to someone about obtaining tax credits for your development, call MFA’s state tax credit program coordinator, Justin Carmona at 505-767-2211 or email him at jcarmona@housingnm.org.
Forms and Reference Materials
General
- New Mexico Affordable Housing Charitable Trust Policy
- New Mexico Affordable Housing State Tax Credit Program NOFA
- New Mexico Affordable Housing Tax Credit Rules
- MFA Design Standards – Homeownership (STC)
- MFA Design Standards – Rental Multifamily (STC)
Single-family Developments
- Application Checklist – Homeownership (STC)
- State Tax Credit App Scoring Worksheet
- Loan and Grant Omnibus Applicant Certification
- Architect’s Certification of Compliance with MFA’s SF Design Standards”
- Application - Homeownership (STC)
- Schedules - Homeownership (STC)
- Schedule P: Donations Sources
Multifamily Developments
- Application Checklist – Rental Multifamily (STC)
- State Tax Credit App Scoring Worksheet
- Loan and Grant Omnibus Applicant Certification
- Architect’s Certification of Compliance with MFA’s MF Design Standards
- Application – Rental Multifamily (STC)
- Schedules – Multifamily (STC)
- Schedule P: Donations Sources
MFA-Funded Developments
