New program restores vacant houses into affordable housing

A program aimed at turning vacant and abandoned houses across the state into livable and affordable housing has taken its next steps. The New Mexico Mortgage Finance Authority (MFA) board said it approved three service providers for its “Restoring Our Communities” (ROC) program at a December 2023 meeting. The MFA made the announcement in a Jan. 8 news release. The ROC program launched in September 2023.

The MFA said 12,000 homes in New Mexico were vacant and abandoned at the time it published its “comprehensive statewide housing strategy” in late 2022. Bernalillo, Doña Ana, Lincoln and Sandoval counties had the highest number of vacant and abandoned homes at the time of the report.

“These organizations will work to align with ROC’s objectives to reduce vacant and abandoned houses that decrease property values in communities and provide affordable housing to low-to-middle income homebuyers,” the release said.

The ROC program also offers down payment and closing cost assistance for qualified homebuyers.

The approved providers include the North Central New Mexico Economic Development District, an association of government entities that work on community and economic development initiatives; and the nonprofits Homewise Inc. and Sawmill Community Land Trust, which both work on affordable housing projects.

The MFA said the ROC program is currently funded at $4 million, drawn from its New Mexico Housing Trust Fund. The release said a “notice of funding availability” will stay open while funds are available, with awards granted to service providers on a first-come, first-serve basis for qualifying projects. Eligible applicants for the funding include public and private nonprofits, governmental housing agencies, regional and public housing authorities, tribal governments, tribal housing agencies, developers, builders and other corporations.

The MFA is a quasi-governmental entity that provides financing for affordable housing and other related services to low and moderate income New Mexicans. For more on the ROC program, go to housingnm.org or contact MFA program development manager Theresa Laredo-Garcia at tgarcia@housingnm.org or (505) 767-2244.