Workers paint a new market-rate apartment complex near Old Town Albuquerque in December 2022. Applications for a $125 million loan program open in September, aimed at spurring workforce housing development and affordable housing infrastructure across the state. (Photo by Patrick Lohmann / Source NM)
A key part of what state lawmakers called a “historic” investment in affordable housing will take a major step forward in September, when applications open for what will ultimately be $125 million in loans to develop middle-income housing and affordable housing infrastructure.
An interim legislative committee Monday approved rules for administering a new revolving loan program to boost the state’s housing supply. Up to $30 million in low-interest loans will be available to applicants, largely private and nonprofit developers, when the first round of loans opens up in early September.
The loan program is overseen by staff from the New Mexico Finance Authority and approved by a newly created board, which includes members appointed by the governor, commercial developers and others. Loan recipients are expected to be private developers and housing nonprofits.