What is NM Affordable Futures?
NM Affordable Futures, spearheaded by the New Mexico Mortgage Finance Authority (MFA), is the state of New Mexico’s official, coordinated housing affordability preservation program. Through NM Affordable Futures, MFA aims to protect affordable housing units within the state of New Mexico, thereby working to ensure all New Mexicans have quality affordable housing opportunities. Encompassed within this broad aim are various goals, including:
- The protection of affordable subsidized units reaching the end of their mandated affordability periods, thus facing the threat of conversion to market-rate rents
- The protection of properties at risk of loss due to physical deterioration from aging or neglect
- The protection of affordable properties from actors seeking profit at the expense of long-term affordability
NM Affordable Futures approaches the issue of affordable housing preservation from several angles, maximizing its reach to achieve preservation goals. MFA and its valued partners have already developed plans, formulated strategies and taken steps toward preserving affordable housing for New Mexicans in need. This work includes:
- The development of a Preservation Database comprised of comprehensive data on the properties within MFA’s portfolio and organized according to risk. The database allows MFA and its preservation partners to better understand which properties are most immediately at-risk, and for what reasons, as well as who owns these properties, what programs are funding these properties, where these properties are located, when these properties are reaching the end of their current affordability term, and more. For more information on the Preservation Database and to make data requests, please visit the “Data” tab.
- The standardization of internal MFA procedures, including ownership change and owner contact policies, to better advance preservation goals in the agency’s everyday practices.
- The coordination of efforts to connect with, engage with, and learn from owners of aging and at-risk properties to better facilitate dialogue between MFA and these owners and to understand how MFA can support these properties for long-term sustainability, including financial viability, physical upkeep, and preservation of affordability.
In the coming weeks, months, and years, NM Affordable Futures will continue these efforts by:
- Developing preservation-oriented funding programs in response to newly understood preservation challenges and needs (depending on funding availability).
- Meeting with NM Affordable Futures partners and NM Housing Preservation Network members to better understand old and new preservation challenges in the state of New Mexico and to share ideas and coordinate efforts in the preservation space.
- Continuing to systematically engage in dialogue with and provide advice/support for owners of aging properties seeking out ways to infuse their properties with capital and maintain financial viability, physical property upkeep, and long-term property affordability.