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Rehab-2-Rental Program

Rehab-2-Rental Program 

Housing New Mexico, in partnership with the State of New Mexico Department of Finance and Administration, provides the Rehab-2-Rental program. This program’s goal is to expand housing opportunities and enhance the quality of the housing stock for tenant-based housing voucher holders in New Mexico by working with landlords to bring below-standard rental properties up to housing quality standards.

The program is currently being administered by approved Housing New Mexico service providers. Current approved service providers are listed below. Service providers are tasked with marketing, project set-up, construction oversight, funds management, and monitoring post-construction.

Service providers will accept landlord applications directly and will provide upfront funding to contractors based on the needs of approved project costs. Construction scope of work will be based on the homes need to meet Housing Quality Standards set by housing voucher programs. No funds will be directly released to landlords but will go to the service provider for reimbursement on costs associated with the project.

Landlords may receive up to $25,000 for a single-family home or $50,000 for duplex up to an eight-plex for rehabilitation. Funds awarded to the landlord will be provided to the service provider they are working with who will oversee the project. At any point in time the landlord violates the terms of the restrictive covenant agreement, the landlord will be required to repay the funds to the service provider at a pro-rata basis over 60 months (5 years) at a rate of 1.67% per month.

Project awards will be secured by a Restrictive Covenant Agreement recorded against the subject property for the award amount – less the project management fee in the county the project is located in. A copy of the recording and additional documentation must be provided to Housing New Mexico as a security instrument for all awards and release of funds for eligible project costs. Restrictive Covenant Agreements will be released upon completion of the compliance period in which landlords are required to rent to a tenant-project housing voucher holder for 60-months within a 72-month period.

For more information, please contact one of the following service providers. Please inquire what area the service provider serves as they are unable to provide assistance outside their service area. Please note that funding is limited.

Awarded Service Providers Contact List

Resources

Rehab-2-Rental Notice of Funding Availability (NOFA)
Service Provider and Housing Voucher Administrator Partnership Agreement (Exhibit B)
RCA and Forgivable Loan Terms - March 2025
Rehab-2-Rental FAQs

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