Federal Stimulus Programs Overview

More than $93 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. The funding, 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.

 

Here's what MFA as received so far:

 

 

 

The menu options on the left will take you to detailed descriptions about each program.

 

MFA has received $8.2 million for the Neighborhood Stabilization Program, which is part of the Housing and Economic Recovery Act of 2008. NSP provides funding to purchase abandoned and foreclosed properties, rehabilitate them, and  resell them to very low-income families. Go to Neighborhood Stabilization Program on the main page for more information.  MFA has also applied for $23 million in NSP2 funding.

 

In addition to the federal dollars, New Mexicans will also benefit from two other federal programs. The Making Home Affordable program will provide refinancing for homeowners who owe more on their home than it is worth or who are in danger of foreclosure.  And, the 2008 tax credit will give homebuyers an $8,000 refundable tax credit if they buy a home before April 30, 2010. Go to the First-Time Homebuyer Federal Tax Credit link on the menu to the left to find out about a new MFA program that converts $6,500 of the federal tax credit into a downpayment.

 

There's never been a better time to buy a home!