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||$91 Million|
|Flow-through Dollars||0||$53 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 2013, MFA provided more than $222 million in low-interest financing and grants for affordable housing and related services including:
- $132.9 million for 1,075 homebuyer loans, all of whom received pre-purchase counseling
- $6 million in down payment assistance to 1,111 homebuyers
- $9 million for housing rehabilitation and weatherization for 861 homeowners
- $42.8 million in financing to construct or rehabilitate 744 rental homes, including 191 units already in the pipeline
- $2.1 million in loans to construct or acquire, rehabilitate and resell 119 for-sale homes, including 40 homes already in the pipeline
- $27 million in rental assistance payments for 5,297 apartments occupied by low-income families
- $1.8 million for 8,543 adults and children experiencing homelessness or at risk of homelessness