Tax Credit Exchange Program

The U.S. Department of the Treasury authorized MFA to exchange tax credits issued in 2007 and 2008 for $38,250,000 in gap financing for affordable rental housing developers. The financing will restart five New Mexico projects that were stalled last year due to significant fallout in the federal Low-Income Housing Tax Credit equity market.

When completed, the projects will create 286 new rental units and rehabilitate 24 existing units. Many will be reserved to house seniors, people transitioning from homelessness and those with physical and mental disabilities. The new construction is expected to create an estimated 665 construction jobs.The sub-awards are subject to the same requirements as the credit allocations.

The table below lists the projects that have been approved to participate in the initial round of MFA’s Tax Credit Exchange Program.

Low-Income Housing Tax Credit Exchange Program

Awards approved at July 2009 Board meeting
Project Name City / County Developer Exchange funds Awarded Low Income Units Total Units Project Type Estimated Construction Jobs Created / Retained
Falcon Ridge Hatch, Dona Ana JL Gray Company
$ 6,476,074
72
72
New Construction
165
New Life Homes Albuquerque, Bernalillo New Life Homes, Inc.
$ 5,715,215
48
48
New Construction
100
The Village Santa Fe, Santa Fe Santa Fe Community Housing Trust
$ 8,252,429
60
60
New Construction
85
Sawmill Senior Housing Albuquerque, Bernalillo Sawmill Community Land Trust
$ 7,354,176
44
46
New New Construction
150
Cimmaron II Apartments Anthony, Dona Ana JL Gray Company
$ 9,025,110
84
84
New Construction and Acq/Rehab
165
Totals    
 $36,832,004
308
310
 
665
Awards approved at October 2009 Board meeting
Project Name City / County Developer Exchange funds Awarded Low Income Units Total Units Project Type Estimated Construction Jobs Created / Retained
The Artisan at Sawmill Village Albuquerque, Bernalillo Sawmill Village SCLT, LLC / Pacificap Properties
$9,251,591
60
62
New Construction
150
Totals    
$ 9,251,591
60
62
 
150

 

Applications for the next round of tax credit exchange funding are due September 15. Awards will be announced in October. The final award application process will begin in October.

An additional $11 million in tax credit exchange funding is expected in the next few months from the Treasury Department. The gap funding will replace tax credits issued in 2009.

For more information about the Tax Credit Assistance Program, select the page from the menu at left.

TCAP and Exchange Awards

Tax Credit Exchange Program Application Materials

For more information, contact MFA's Linda Bridge