NM Housing Trust Fund (Single Family)

Purpose

Provide flexible funding for housing initiatives that will provide affordable housing primarily for persons or households of low or moderate income.

Eligible Borrowers

Non-profit organizations, for-profit organizations, governmental housing agencies, regional housing authorities, governmental entities, governmental instrumentalities, tribal governments, tribal housing agencies and other entities as outlined in the Notice of Funding Availability (NOFA).

Eligible Projects

Costs of infrastructure, construction, acquisition, and rehabilitation necessary to support affordable single family or rental housing as outlined in the NOFA.

Secondary Financing

MFA mortgage may be in first or junior lien position on the property.

Interest Rates

Generally 1% to 5% per annum.

Loan Term

Construction: up to 3 years

Long term amortizing: up to 30 years (current maximum: $500,000; exceptions may be considered at staff discretion if applicant can demonstrate need and for projects serving the lowest income levels)

Affordability Requirements

Rental: Households earning 60% or less of area median income (AMI)
Single Family Residences: Households earning 80% or less of area median income (AMI)
(See NOFA for exceptions, which can include workforce and special needs housing)
 
Guaranties
A guaranty will be required from a financially responsible entity acceptable to MFA if funds are to be used during construction. If the proposed Borrower has sufficient financial depth a guaranty may not be required. See checklist for required information.
 

Quarterly competitive funding rounds (see NOFA) if funds are available.

 

Third quarter round applications are due no later than 5 PM on Friday July 13, 2012. The fund currently has $2,243,191. An additional $3,000,000 has been allocated by the 2012 legislature and is expected to be available by year end.

 

Forms and Reference Materials

Program Contact

Daniel Puccetti
Program Manager, Housing Development
Main: (505) 843-6880
Direct: (505) 767-2251
Toll free in New Mexico: (800) 444-6880