Tens of millions more in funding available for state agency

ALBUQUERQUE, N.M. – From buyers, to seller, to renters, and now to the Roundhouse, New Mexicans and leaders can agree we have a housing crisis on our hands.

And there is now a much bigger chunk of money available to the Mortgage Finance Authority, or MFA, to bring more affordable housing options online.

Prior to 2023, the state’s housing trust fund was getting about $2 million per year. As of July, thanks to a new bill passed by the Legislature, that number will jump to about $40 million per year for at least the next few years.

“It is a significant amount of money that will allow us to do a lot more than we’ve done in the past,” said Isidoro Hernandez, the executive director and CEO of the MFA. “And it’s reoccurring, which lets us program out into the future.”

Hernandez says they were able to put some of the new money toward new rental units. The MFA’s network of partners is working on more than 4,000 rental units across the state right now. The down payment assistance program is also getting more much-needed funding.

“On an annual basis, we make just shy of about 2000 down payment assistance loans to individuals,” said Hernandez.

But the influx is small compared to the estimated $42 billion needed to meet all the needs across the state.

“We’re definitely trending in the right direction. But this problem is not going to be solved overnight, it’s going to take years and years of us chipping away at it and are getting some additional funds to help meet that need,” said Hernandez.

The MFA also has other programs to help the estimated 16,000-20,000 homeless people in our state on an annual basis, and a mortgage program with a lower than market interest rate. 

For more information on all the available programs, click here.