MFA’s Housing Development Department provides funding for developers who are creating or rehabilitating housing for low-income families, both rental and for-sale homes. Most of the housing units created with MFA funding are set aside for families earning between 30 percent to 60 percent of the area median income, or about $25,000 for a family of four in the Albuquerque area.
Our primary funding method is through the allocation of federal and state tax credits. The federal Low Income Housing Tax Credit program provides the deepest subsidy available for rental housing with equity up to 70 percent of total development costs. These credits are allocated in one annual competitive round.
MFA’s Development Department also manages several programs that provide loans with below-market interest rates. These loans are often used in conjunction with tax credits. In this section of the web site, you will find detailed information about all of our funding programs and how to apply.
We appreciate inquiries and are glad to explain our programs. We can be reached at 505-843-6880. We prefer to discuss projects with developers prior to application in order to determine which programs would work best for a given project.
Several Low Income Housing Tax Credit properties will become available for sale this year. If you are interested in learning more about any of the properties, click here. Your contact information will be sent to the listing broker who will get in touch with you.
Please note that the properties listed below are subject to affordability restrictions.
Las Lomas Apartments
Address: 600 Santa Cruz Road, Espanola, NM 87532