ALBUQUERQUE, N.M. (KRQE) – Fourteen houses are going up for sale because of the Neighborhood Stabilization Program brought on by The New Mexico Mortgage Housing Authority. The main purpose: Help low-income New Mexicans be able to purchase a first-time home at an affordable price.
MFA has been serving New Mexico since 1975 with one goal in mind, “We provide innovative products, education and services to strengthen families and communities.” One of their goals was the neighborhood stabilization program. Due to the housing crash of 2008, the authority has been trying to fix up properties that had been foreclosed upon or may have been run down. The idea was to make the homes more affordable for those who fall under the low to moderate-income category and are looking to purchase their first home.
Program development manager with MFA, Theresa Laredo-Garcia says “the program was initially issued in 2009 the first round of NSP funding MFA received approximately $8.5 million from the state.”
MFA is using a federal grant from the United States Department of Finance and Administration to help with this program. It not only helps people afford homes but improves neighborhoods. The hope is to help neighborhoods that have foreclosed properties.
“It brings down the value of the neighborhood, the stability of the neighborhood MFA saw this as a really important way to stabilize families and neighborhoods,” said Leann Kemp, director of communications and marketing for MFA.
This year the mortgage authority has been able to rehabilitate 14 run-down properties and turn them into homes. With the housing market booming, there are not very many properties for New Mexicans that fall into the 120 percent of the area median income.
“I think that we would all agree that the hardest thing about buying a new home is saving up for a down-payment,” Kemp said. “That’s difficult for a lot of people and could take years and years to do, so with down payment assistance people can get into homes for as little as $500 with some of our other MFA programs.”
The program is set to run through July when the funds are completed. For more information, visit housingnm.org.