Housing New Mexico, in partnership with the New Mexico Department of Finance and Administration, has launched a pilot program to address the shortage of affordable rental properties in the state. The Housing New Mexico Board of Directors approved the Rehab-2-Rental Program Notice of Funding Availability (NOFA) in the amount of $656,000 at its February meeting.
The program’s purpose is to expand housing opportunities and enhance the quality of the housing stock for tenant-based housing voucher holders in New Mexico by rehabilitating rental properties. Tenant-based housing vouchers include, but are not limited to Section 8, Linkages and municipal and county rental assistance. Rehab-2-Rental will offer forgivable loans of up to $25,000 per unit to landlords who currently lease or agree to lease their properties to housing voucher holders. The loans will facilitate necessary improvements to rental units to make the home ready to rent.
