The New Mexico Mortgage Finance Authority (MFA) issued a press release on Aug. 22 promoting its state tax credit program, under which residents and businesses can receive 50% in credits against their state income tax bills for certain donations for the construction of affordable housing.

The release told of "the heartwarming story of Pete and Marylou Felix, who live in an older home and have struggled to stay warm for the past few years. Pete suspected that the heater was failing and installed a wood stove. Sadly, after a recent heart attack, he was unable to chop wood for the upcoming winter. In 2018, Pete and Marylou received the exciting news that their home was approved for weatherization through MFA’s NM Energy$mart program. Contributions to the New Mexico Affordable Housing Charitable Trust enabled MFA to weatherize their home," the release said.

New Mexico has a deficit of 32,000 affordable housing units for low-income residents, a 2022 study initiated by the New Mexico Mortgage Finance Authority (MFA) found, the press release said. Since its initiation, the tax credit program has granted tax credit contributions to 63 initiatives, leading to an increase of more than 745 affordable housing units across New Mexico.

Donations of $200 to $2 million are accepted. They can be directed either to MFA-approved affordable housing developments or to the New Mexico Affordable Housing Charitable Trust, a 501(c)3 entity overseen by MFA.

To contribute to the trust, donors need to complete a voucher form and issue a check to the New Mexico Affordable Housing Charitable Trust. Tax credits associated with the trust can be applied for through the New Mexico Taxation and Revenue Department. The trust can only accept monetary contributions. Donations of land, buildings, or services cannot be accepted, MFA's 'Donate to the Charitable Trust and Receive State Tax Credits' page says.