State homeowner, renter assistance consolidated as New Mexico Home Fund

Sep. 6—New Mexicans seeking state homeowner and renter financial assistance are now accessing the programs through a new website: nmhomefund.org

The Homeowner Assistance Fund and Emergency Rental Assistance Program have been consolidated as the New Mexico Home Fund, administered by the New Mexico Department of Finance and Administration.

Funded by the federal government, the homeowner fund has $55 million available and the renter program has $200 million. Both programs are scheduled to run through September 2025 or until program funds are all distributed, the department said.

The Emergency Rental Assistance Program was launched in April 2021 and so far has provided $167 million to 76,068 renters in all 33 counties to help pay past, current and future rent as well as utility payments for up to 15 months.

The general eligibility requirements for renters are annual household income at or below 80 percent of the area median income and having been affected financially during the coronavirus pandemic.

The Homeowner Assistance Fund had a pilot program last fall and is being formally launched now, so far having distributed $8 million to 1,317 households to pay past due mortgage payments as well as property taxes, home insurance and utilities. To qualify, homeowners must have annual incomes 150 percent or less of the area median income and the original loan balance cannot exceed $417,000.