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 $4.1 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 and chaired by the Lieutenant Governor. 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 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 2008, the MFA provided more than $400 million in low-interest financing, grants and non-financial support for affordable housing and related services including:

• $221 million for 1,706 first-time home buyer loans
• $4.6 million in down payment assistance loans and grants
• $53 million for construction and rehabilitation of 1,411 rental and homeownership units
•  $22 million in rental assistance payments for 5,461 rental units in 94 properties 
•  $2 million for 163,448 nights of shelter and other services for individuals experiencing homelessness

In addition, the MFA monitored the physical condition of more than 20,000 housing units at 350 properties and ensured that low-income eligibility requirements were being met.

FEDERAL STIMULUS PROGRAM ADMINISTRATION

More than $70 million in federal money is on its way to New Mexico to bring affordable housing opportunities and energy efficiency upgrades to families across the state. About $48 million of that money, which is part of the American Recovery and Reinvestment Act of 2009, will be administered by MFA for homelessness prevention, weatherization services, and to build affordable housing across the state.

In addition, almost $20 million in federal money is coming to New Mexico to fund the Neighborhood Stabilization Program, which is part of the Housing and Economic Recovering Act of 2008. MFA will administer half of those funds, which will be used to buy and rehabilitate foreclosed and abandoned homes. Those homes will then be sold to families whose income is at or below 120% of median.