Oct. 9—The New Mexico Mortgage Finance Authority announced last week that $5 million is available for housing projects that serve low- or moderate-income New Mexico residents.
The MFA allocated $5 million to its Housing Innovation Program. That allows applicants to apply for funding to complete capital projects that serve certain populations.
In prior years, the housing program has paid for roof repairs, homeless shelter expansions, accessibility improvements for senior homeowners and transitional housing for people in a workforce integration program.
"This program encourages novel, innovative ideas for permanent housing solutions," said Isidoro Hernandez, the MFA executive director and CEO. "Applicants have the opportunity to propose creative projects that are tailored to specific communities."
The project intends for service providers to apply for funding to complete the housing projects, said Kristie Garcia, the MFA director of communications and marketing. The applicant can propose the funding structure, either a loan or grant, and the suggestion will be evaluated, she said.
The Notice of Funding Availability will remain in place until all $5 million has been distributed, according to the MFA. Additional details about the program are available to the MFA's website.
Applicants will be evaluated based on:
Innovative, sustainable and scalable housing solutionsReadiness to proceedFinancial feasibilityProject designTribal or rural properties receive additional pointsResident businesses receive additional points