The New Mexico Mortgage Finance Authority has recently announced that it will be allocating more than $2.2 million towards the expansion of the HOME Rehabilitation Program. This funding comes from a grant obtained through the federal HOME Investment Partnership Program, and will be used to revitalize residences occupied by eligible low-income homeowners across 25 counties and three Tribal Territories in the state.
The main objective of the HOME Rehabilitation Program is to ensure that these residences meet safety and habitability standards and bring them up to code. To be eligible for the program, households must have an annual income below 80% of the area median income. The remaining funds will be made available to qualified applicants in underserved regions throughout the state.
According to a recent study conducted by the New Mexico Mortgage Finance Authority, over 40,000 homes in the state are in need of rehabilitation. The organization is grateful to its partners for helping address this need and ultimately providing safe and quality homes for New Mexicans.
The program has allocated specific amounts to various housing authorities and organizations, including the Bernalillo County Housing Authority, El Camino Real Housing Authority, Ohkay Owingeh Housing Authority, Santa Fe Habitat for Humanity, and the Southwest Regional Housing and Community Development Corporation. These allocations will also extend assistance to previously unserved counties, allowing even more New Mexicans to benefit from the program's services.
Leann McDonald, the HOME Rehabilitation Program Manager at the New Mexico Mortgage Finance Authority, expressed excitement over the increase in service areas. She stated that with the expansion, even more families and communities in the state will benefit from the programs funded by the organization, furthering their mission of ensuring all New Mexicans have quality and affordable homes.