NEW MEXICO (KRQE) – The New Mexico Mortgage Finance Authority (MFA) has approved $53 million in Low-Income Housing Tax Credits (LIHTC) to construct and renovate affordable housing throughout New Mexico. The funding will be spread across five projects and will result in 281 affordable rental units.

The five projects benefiting from the funding are Route 66 Flats, Calle Cuarta, Tierra Encantada, Farolito Senior Community, and Felician Villa II. The federal tax credits were awarded through a competitive process in which financial feasibility, project design, implementation, and ability to execute the plans were considered.

“LIHTC funding supports projects that help address housing needs throughout the state. It will allow greater stability, health, and wellness for families and economic growth for communities across New Mexico,” says MFA Director and CEO Isidoro Hernandez. According to the MFA, over $150 million has been awarded in federal tax credits, allowing for the rehabilitation of 19,558 housing units in New Mexico.

MFA Chief Housing Officer Donna Maestas-De Vries says, “This program not only creates housing opportunities for New Mexicans but also boosts local economies by providing local revenue, tax income, and jobs. We are proud to offer such an effective program.”

2023 Low-Income Housing Tax Credit Awards

Route 66 Flats

  • $14,170,000 awarded toward the construction of 48 units in Albuquerque.

Calle Cuarta

  • $3,162,860 awarded toward the construction of 61 units in Albuquerque.

Tierra Encantada

  • $3,887,820 awarded toward the rehabilitation of 24 housing units in Anthony.

Farolito Senior Community

  • $16,228,050 awarded toward the construction of 82 units in Albuquerque.

Felician Villa II

  • $16,217,230 awarded toward the construction of 66 units in Rio Rancho.

For more information about MFA Housing New Mexico, click here.