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 30 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.
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 80s and early 90s, 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 MFA, including Section 8 housing funds and other HUD projects. To date, MFA has provided more than $5.5 billion in affordable housing financing to provide quality affordable housing for tens of thousands of New Mexico families.
The MFA’s growth has been significant
|Bond Sales||$20 Million||$155 Million|
|Flow-through Dollars||0||$88 Million|
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 MFA must be approved by an oversight committee from the New Mexico legislature. The committee is comprised of 19 members from the House of Representatives and the Senate.
MFA administers more than 30 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 2012, MFA provided more than $297 million in low-interest financing, grants and support for affordable housing and related services including:
- $112 million for 2,005 first-time home buyer loans and down payment assistance
- $12.6 million for housing rehabilitation and weatherization for 1,379 homeowners
- $67.2 million for the development of 1,379 rental and for-sale homes
- $25.7 million in rental assistance payments for 5,317 apartments occupied by low-income families
- $2.2 million for 6,557 adults and children experiencing homelessness or at risk of homelessness
FEDERAL STIMULUS PROGRAM ADMINISTRATION
In 2009, the federal government awarded MFA more than $95 million in stimulus funding. Using every dollar effectively, MFA restarted 18 stalled affordable housing construction projects, weatherized 3,500 homes and helped more than 7,000 families avoid homelessness. All of the stimulus money has been administered.
In addition, in 2008 MFA received $8.7 million for the Neighborhood Stabilization Program, which is part of the Housing and Economic Recovery Act. Fifty-five foreclosed and abandoned homes have been purchased and rehabilitated through the program. Those homes have been sold to families whose income is at or below 120 percent of the Area Median Income. Because MFA reinvests the funds when the rehabilitated homes are sold, more than $13 million has flowed through the Neighborhood Stabilization Program. The program is expected to be self-sustaining through 2013.