To preserve affordable housing in the state, Housing New Mexico has funding available through its New Mexico Preservation Loan Fund, which is a flexible funding source for multifamily properties at risk of exiting the affordable housing stock.
Applicants may request up to $2 million to bring a property up to date through the following means:
- Rehabilitation funding for physical upkeep as the property ages
- Acquisition financing for prospective owners seeking to acquire affordable multifamily projects and maintain affordability over time
- Predevelopment funding for existing Low-Income Housing Tax Credit properties pursuing re-syndication
Eligible borrowers include, but are not limited to:
- Non-profit organizations
- For-profit organizations
- Governmental housing agencies, entities and instrumentalities
- Regional housing authorities
- Tribal governments and housing agencies
- Builders, corporations, limited liability companies, partnerships, joint ventures, syndicates and associations
For details about the New Mexico Preservation Loan Fund, visit the Housing New Mexico website.
