Housing Development

NMFA financing opportunities for housing development in New Mexico

Housing Development Revolving Fund – Financing will be available through a competitive application process for infrastructure for affordable housing and construction of workforce housing. Both nonprofit and for-profit entities will be eligible to apply. This program was created in 2024 by House Bill 195  as part of the Opportunity Enterprise Act and is scheduled to open late summer 2024.

Public Project Revolving Fund – Communities will be able to apply to the PPRF for infrastructure financing using a PID, and nonprofit housing developers will be eligible to apply to the PPRF for financing for their housing projects. This addition to the PPRF was created by SB 216 in 2024 and is expected to be implemented in late summer 2024.

Loans from the PPRF over $1 million require prior legislative authorization and the authorization list is reviewed each year by the legislature. To be included in next year’s list, please email lending@nmfa.net.

Local Government Planning Fund – Entities will be able to apply for grants up to $50,000 for affordable housing plans. This addition to the LGPF was created by SB 216 in 2024 and is expected to be implemented in late summer 2024.

Are you an individual looking for financial assistance for housing or other housing help? Please visit housingnm.org or a housing organization in your community.