The New Mexico Mortgage Finance Authority (MFA) has launched the Restoring Our Communities (ROC) Program to address the need for affordable housing in the state. The program, which began on September 1, 2023, aims to restore vacant houses and provide affordable housing opportunities. This initiative not only helps individuals and families find affordable homes but also revitalizes neighborhoods by eliminating vacant and deteriorating houses that lower property values and increase insurance costs for nearby homeowners.
To support the ROC Program, the MFA has allocated $4 million from the New Mexico Housing Trust Fund. These funds will be distributed to eligible service providers on a first-come, first-served basis for qualifying initiatives. The Notice of Funding Availability (NOFA) will accept applications until all funds are allocated. The program extends assistance to low-moderate and middle-income households, with middle-income households having an income limit of 150% of the area median income.
Isidoro Hernandez, the MFA Executive Director/CEO, expressed the importance of the program in helping New Mexicans find affordable homes while simultaneously improving communities by eliminating vacant or abandoned houses. Eligible applicants for the ROC Program can be located anywhere within New Mexico. Service providers seeking project funding will be evaluated based on criteria such as financial stability, experience in real property acquisition, rehabilitation, and sales, readiness to implement their plans, and the inclusion of a marketing strategy in collaboration with lenders and real estate agents.
Theresa Laredo-Garcia, the MFA Program Development Manager, emphasized the importance of creating affordable housing opportunities for New Mexicans and stated that communities are stronger when homeowners take pride in their neighborhoods, starting with the elimination of vacant houses. The ROC Program aims to accomplish these goals by fostering affordable housing and neighborhood revitalization throughout New Mexico.
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- MFA has dedicated $4 million from the New Mexico Housing Trust Fund to support the ROC program. Funds will be distributed to eligible service providers on a first-come, first-served basis for qualifying initiatives, with the Notice of Funding Availability (NOFA) accepting applications until all funds are allocated. The ROC Program extends assistance to low-moderate and middle-income households and individuals, with middle-income households having an income limit of 150% of the area median income according to a press release.
- “By implementing this much-needed program, our goal is to help our fellow New Mexicans get into affordable homes, while at the same time, improve and strengthen communities by eliminating houses that are vacant or have been abandoned,” said Isidoro Hernandez, MFA Executive Director/CEO, according to a press release.
- Eligible applicants for the ROC Program can be situated anywhere within New Mexico. Service providers seeking project funding will be evaluated based on criteria including their financial stability, experience in real property acquisition, rehabilitation, and sales, readiness to implement their plans, and are required to have a marketing strategy including collaboration with lenders and real estate agents according to a press release.
- “We look forward to working with qualified service providers that will continue to create affordable housing opportunities for New Mexicans,” said Theresa Laredo-Garcia, MFA Program Development Manager, according to a press release. “Communities are stronger when homeowners take pride in their neighborhoods, and that starts with eliminating vacant houses in the community.”
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