The New Mexico Mortgage Finance Authority (MFA) has announced that its board of directors has approved three service providers for the Restoring Our Communities (ROC) program. Alongside this decision, the board also endorsed a modification to the ROC Notice of Funding Availability (NOFA), allowing experienced service providers to undertake up to five projects concurrently. This announcement was made on January 8th.
Launched in September 2023, MFA's ROC program is a response to New Mexico's affordable housing needs and concerns over vacant homes. The initiative, funded by a $4 million allocation from the New Mexico Housing Trust Fund, focuses on acquiring, rehabilitating, and reselling vacant single-family properties. The program's objective is to increase homeownership among low- to middle-income households and provide assistance with down payments and closing costs. With approximately 12,000 vacant homes in the state, this initiative plays a significant role in community revitalization. The NOFA will remain open until all funds are depleted, offering awards on a first-come, first-served basis to qualifying projects and eligible applicants. These include public and private non-profit organizations, governmental housing agencies, tribal entities, and corporate entities involved in housing development, according to an MFA press release.
Donna Maestas-De Vries, MFA Chief Housing Officer stated in an MFA press release: "We are confident these three experienced partners will provide quality work toward the program’s goal of creating affordable housing in New Mexico." She further noted that "The rehabilitation of vacant and abandoned houses will also help improve and strengthen our communities."
According to information provided on the ROC webpage by MFA, the ROC program addresses New Mexico's affordable housing challenges while revitalizing communities burdened by vacant properties. The initiative aims at expanding affordable housing units, mitigating the impact of vacant properties on community values, and creating opportunities for eligible homebuyers. Emphasizing the importance of real property acquisition, rehabilitation efforts, and property resale, the program marks a crucial step towards fostering sustainable community development and improving New Mexico's housing landscape.