that currently do not have a service provider for the HOME Rehabilitation Program. MFA’s Home Improvement Program offers the same services as the HOME Rehabilitation Program. Restoring Our Communities MFA launched the Restoring Our Communities (ROC) program in September 2023 to help meet New Mexico’s need for affordable housing units while assisting communities in reducing vacant and abandoned houses that decrease property values and increase risks to public health and welfare. Homeowners within close proximity to abandoned homes can pay higher insurance premiums as well. The ROC program provides funding to approved service providers for the acquisition, rehabilitation and resale of single-family homes, with the goal of increasing homeownership opportunities for low- to moderate-income working households. The program objectives are to: 1. Provide funding for the acquisition and rehabilitation of vacant or abandoned houses to increase affordable housing units in New Mexico. 2. Create and preserve affordable housing and provide affordable housing opportunities for low- to moderate- to middle-income homebuyers. While individual homebuyers are not eligible to apply for ROC program funding, MFA will work with eligible agencies to administer the program under applicable program guidelines. MFA allocated $4 million in funding from the New Mexico Housing Trust Fund to the ROC program. Funds are awarded to qualified service providers on a first-come, first-serve basis for qualifying projects. The notice of funding availability will remain open as long as there are available funds. Individual homebuyers who purchase the ROC rehabilitated homes would likely qualify for MFA’s mortgage and down payment assistance programs. New Mexico Preservation Loan Fund Also created in 2023, MFA’s New Mexico Preservation Loan Fund is a flexible funding source for multifamily properties at risk of exiting the affordable housing stock, providing opportunities for the preservation of affordable housing in the state. This loan fund is available to owners, developers and other partners seeking funding for preservation-related needs, including: • Rehabilitation funding for owners struggling with physical upkeep as their multifamily property ages. • Acquisition financing for prospective owners seeking to acquire multifamily affordable projects and maintain their affordability over time. • Predevelopment funding for existing Low-Income Housing Tax Credit properties pursuing resyndication. 13
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