About MFA

ABOUT US

The New Mexico Mortgage Finance Authority is a quasi-public entity that provides financing for housing and other related services to low- to moderate-income New Mexicans. As the state’s official housing agency, MFA administers more than 35 programs that finance housing for the homeless, develop new affordable housing, and help families become first-time homeowners. MFA partners with lenders, realtors, non-profit, local governments and developers throughout the state to make its programs available to all eligible New Mexicans.

THE JOURNEY

In 1975, the New Mexico State Legislature created the New Mexico Mortgage Finance Authority to distribute low interest rate mortgage money to low and moderate income families throughout the state. Funds are generated through the sale of tax-exempt mortgage revenue bonds. Through the 80’s and early 90’s, the MFA steadily expanded its financing portfolio from first time home buyers to include rental housing construction, affordable housing rehabilitation, and special needs housing.

In 1997, MFA became the state government’s designated housing agency, bringing all of New Mexico’s housing departments together under one roof. All state and federal housing programs are now administered by the MFA, including Section 8 housing funds and other HUD projects. To date, the MFA has provided more than $4.4 billion in affordable housing for New Mexico’s families.

The MFA’s growth has been significant

STRUCTURE

The New Mexico MFA is completely self-sufficient and receives no operational money from the state. The agency is led by seven board members. Four of the board members are from the private sector and are appointed by the governor with the advice and consent of the state senate. Three are ex-officio voting members who serve by virtue of their state office, including the lieutenant governor, the state's attorney general and the state treasurer.

Rules and regulations governing the MFA must be approved by an oversight committee from the New Mexico legislature. The committee is comprised of members from the House of Representatives and the Senate.

SERVICES

The MFA administers 37 state and federal programs that include low-interest mortgage loans and down payment assistance, weatherization, green building and rehabilitation,  and tax credit programs. In calendar year 2011, MFA provided more than $340 million in low-interest financing, grants and support for affordable housing and related services including:

• $128 million for 1,009 first-time home buyer loans and down payment assistance
• $20.4 million for housing rehabilitation and weatherization for 3,771 homeowners 
• $54 million for the development of 922 rental and for-sale homes 
• $24.7 million in rental assistance payments for 5,318 apartments occupied by low-income families 
•  $3.9 million for 11,571adults and children exprierencing homelessness or at risk of homelessness

FEDERAL STIMULUS PROGRAM ADMINISTRATION

In 2009, the federal government awarded more than $95 million in stimulus funds to MFA. Using every dollar effectively, MFA restarted 18 stalled affordable housing construction projects, weatherized 7,800 homes and helped more than 7,000 families avoid homelessness. By mid-2012, all of the stimulus money will have been administered. 

In addition, MFA received $8.7 million in 2009 for the Neighborhood Stabilization Program, which is part of the Housing and Economic Recovery Act of 2008. Fifty-five foreclosed and abandoned homes have been purchased and rehabilitated through the program. Forty-six of those homes have been sold to families whose income is at or below 120% of median. When homes are sold, MFA reinvests the funds. We have expended more than $13 million through the Neighborhood Stabilization Program, and expect the program to continue through 2013.