ALBUQUERQUE, N.M. (AP) – The New Mexico Mortgage Finance Authority has approved more than $74 million for eight housing developments in six communities around the state. The funding comes through the federal low-income housing tax credit program.
The projects will result in more than 260 new apartments in Sunland Park, Mescalero, Acoma Pueblo and Albuquerque. Another 202 apartments will be renovated in Los Lunas and Albuquerque.
In addition to providing much-needed housing, officials said construction activity from the developments is expected to generate $33 million in income for the communities and support more than 700 jobs. The federal tax credit program is designed to spur investment in the development of rental housing for families with low to moderate incomes.
State officials said the tax credits are the most important resource available for creating affordable housing. Most of New Mexico’s affordable housing developments are funded primarily through tax credit awards.
The Mortgage Finance Authority receives an annual allocation of tax credits that is dispersed to housing developers through a competitive process. A total of just over $70 million was awarded to seven developers this year and will be paid out over 10 years. The agency will provide another $4.7 million in additional financing for six of the eight developments.