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Today: Jun 14, 2024

New Mexico Mortgage Finance Authority greenlights three exciting rehab projects

1 min read

TLDR:

  • The New Mexico Mortgage Finance Authority (MFA) has approved three service providers for its Restoring Our Communities (ROC) program.
  • The program aims to rehabilitate vacant or abandoned homes in New Mexico to develop affordable housing units and improve communities.
  • MFA will fund the North Central New Mexico Economic Development District, Homewise Inc., and Sawmill Community Land Trust for the rehabilitation projects.
  • Around 12,000 homes in New Mexico were vacant at the time the MFA-led housing strategy was published in 2022.

The New Mexico Mortgage Finance Authority (MFA) has announced its approval of three service providers for its Restoring Our Communities (ROC) program. The approved providers are the North Central New Mexico Economic Development District, Homewise Inc., and Sawmill Community Land Trust. These organizations will receive funding to rehabilitate vacant or abandoned homes in the state of New Mexico.

The ROC program was launched in September 2023 as a way to develop affordable housing units while addressing the issue of vacant and abandoned homes that can negatively impact property values. According to a comprehensive statewide housing strategy published by MFA in late 2022, there were approximately 12,000 vacant homes in New Mexico. The rehabilitation projects funded through the ROC program aim to reduce this number and strengthen communities.

The program also seeks to increase homeownership opportunities for low-to-middle income households. In addition to funding rehabilitation projects, the ROC program provides down payment and closing cost assistance for qualified homebuyers. By offering financial support and resources, MFA hopes to make homeownership more accessible for those in need.

MFA Chief Housing Officer, Donna Maestas-De Vries, expressed confidence in the three approved service providers, stating that they will contribute towards the program’s goal of creating affordable housing in New Mexico. She emphasized that the rehabilitation of vacant and abandoned homes will not only improve communities, but also strengthen them.

With the approval of these service providers, the ROC program is now ready to move forward with its rehabilitation projects. By addressing the issue of vacant and abandoned homes, MFA aims to increase the availability of affordable housing in New Mexico and contribute to community development.