MFA Annual Report Highlights Growing Impact Of And Need For Affordable Housing

MFA Executive Director/CEO Isidoro Hernandez

MFA News:

ALBUQUERQUE — The New Mexico Mortgage Finance Authority (MFA) assisted more than 25,000 New Mexicans last year.

This is a nearly 46 percent increase from 2020, with housing services that ranged from down-payment assistance and affordable mortgages to homelessness assistance and prevention, weatherization and home rehabilitation, COVID-19 relief assistance, and programs that create new affordable housing units, according to figures from MFA’s 2021 Annual Report.

“The impact of, and the need for, safe, quality, affordable housing in the state has never been greater,” MFA Executive Director/CEO Isidoro Hernandez said. “Affordable housing continues to be the foundation for economic growth and thriving communities so the work we do has far reaching impacts for the economic prosperity, economic development, health and wellbeing of the communities we serve.”

According to the report, MFA programs helped more than 2,900 families become homeowners in 2021 by providing $527 million in affordable-rate mortgage loans and $20 million in down payment assistance. In addition to helping homebuyers, MFA also provided $88 million in funding through tax credit awards and an additional $18 million in grants, loans and bonds which constructed or rehabilitated a mix of just over 1,000 rental apartments and single-family homes.

“While many people know us for our down-payment assistance and mortgage programs, MFA has more than 30 programs which support the entire spectrum of affordable housing,” MFA Chief Housing Officer Donna Maestas-De Vries said. “Both the scale and diversity of our programs ensure we are working to address the complex housing needs of the state.” 

According to the report, last year MFA also provided approximately $32.7 million in project based rental assistance to 5,189 people and monitored 19,987 rental units at 331 affordable apartment communities across the state to ensure they remained safe and well-maintained.

In 2021, MFA’s homelessness assistance and prevention programs also provided $1.7 million in funding to MFA’s non-profit partners who served more than 3,400 people experiencing homelessness or at imminent risk of experiencing homelessness. In addition, MFA’s programs helped more than 2,200 people with mental or physical disabilities stay housed and prevented homelessness for 1,025 individuals experiencing housing emergencies. 

“Despite all of the challenges the pandemic presented this past year, our staff, partners and supporters truly went above and beyond to help address the growing housing needs of the state,” Hernandez said. “I’m proud of all that our team was able to accomplish, and I know that their passion and dedication will only continue to help us in our mission to provide every New Mexican with the stability and safety of a place to call home.”

The report also detailed how MFA utilized $6.7 million in funding to install energy efficiency upgrades in 606 houses and $2.2 million in funding to rehabilitate 26 homes. MFA also provided $27.4 million in assistance to homeless services, homeowners, servicers, and agents for COVID-19 relief. These relief funds help support nearly 7,500 people throughout the state.

In addition to the impact MFA made last year, the organization’s impact is only expected to grow in future years with the passage of Senate Bill 134. SB134 is a bipartisan piece of legislation signed into law earlier this year and sponsored by Sen. Nancy Rodriguez (Santa Fe) and Rep. Nathan Small (Las Cruces), that will dedicate 2.5 percent of the annual severance tax bond capacity for the New Mexico Housing Trust Fund, which is administered by MFA.

“The passage of Senate Bill 134 showed the state’s commitment to affordable housing,” Hernandez said. “We’re grateful that Sen. Rodriguez led the charge for such a transformational piece of legislation that will allow MFA to fund the development of countless new affordable housing developments.”

The new recurring funding is expected to generate an estimated $20 to $25 million in dedicated funding for the New Mexico Housing Trust Fund starting in January 2024. Historically, the fund has received investments nine of its seventeen years with eight years of no funding. 

To date, the New Mexico Housing Trust fund, has leveraged 26-to-1 the approximately $27 million dollars the state has invested in the fund since it was created in 2005. This funding generated the development of 4,532 affordable housing units with an economic impact of $580 million across the state and more than $3.3 million in COVID-19 assistance being provided to 417 New Mexican households.

A study developed for the MFA-led Housing New Mexico Advisory Committee, identified a statewide shortage of 32,000 units for renters who were making less than 30 percent of area median income. The study also found that 218,471 households were “cost burdened,” which is defined as spending more than 30 percent of their income on housing costs. Of those, 100,858 were considered severely cost-burdened, meaning they spend more than 50 percent of their income on housing. 

For more information about MFA, or to download a copy of the annual report, visit this link.

About MFA:

MFA was created in 1975 by the New Mexico State Legislature to provide quality affordable housing opportunities for all New Mexico residents. MFA uses housing bonds, tax credits and other federal and state resources to fund more than 30 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, MFA’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs.

To learn more about MFA, visit:

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