May 22, 2024
Finance

New Mexico Mortgage Finance Authority approves three rehabilitation projects


ALBUQUERQUE, New Mexico (KVIA) — The New Mexico Mortgage Finance Authority (MFA) Board of Directors approved three service providers for the Restoring Our Communities (ROC) program. North Central New Mexico Economic Development District, Homewise Inc. and Sawmill Community Land Trust will receive funding to rehabilitate vacant or abandoned homes in New Mexico.

MFA launched the ROC program in September 2023 to help develop affordable housing units while assisting communities in reducing vacant and abandoned houses that decrease property values.

Approximately 12,000 homes in New Mexico were vacant at the time the MFA-led comprehensive statewide housing strategy was published in late 2022.

“We are confident these three experienced partners will provide quality work toward the program’s goal of creating affordable housing in New Mexico,” Donna Maestas-De Vries, MFA Chief Housing Officer said. “The rehabilitation of vacant and abandoned houses will also help improve and strengthen our communities.”

The program seeks to increase homeownership opportunities for low‐to-middle income households. The program also provides down payment and closing cost assistance for qualified homebuyers.

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