Funding available to preserve multifamily properties through Housing New Mexico’s preservation loan fund

ALBUQUERQUE, N.M. – 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

The Las Brisas Apartments property in Albuquerque was recently preserved through funding from the New Mexico Preservation Loan Fund.

“Receiving the Preservation award from Housing New Mexico had a transformative impact on Las Brisas Apartments, as the funding enabled us to make critical exterior and interior improvements that enhance both the quality of life for residents and the long-term sustainability of the property,” said Post Real Estate Group Asset Manager Kevin Conde. “On the exterior, we refreshed the building façade and upgraded essential systems, including plumbing, roofing, and HVAC. We also made important safety enhancements – such as new second-floor staircase steps and secure vehicle gates – that improve both curb appeal and resident security. Inside the units, we focused on rehabilitation efforts that matter most to residents: replacing outdated appliances, upgrading finishes, and enhancing overall livability to ensure comfortable, dignified homes for years to come. This award has not only improved the physical environment at Las Brisas but has also helped preserve the property’s long-term affordability.”

 

A resident of Las Brisas Apartments said living at the property has been a much better experience since the renovations.

“My unit feels completely refreshed – I love the new appliances, and even small changes like the updated flooring and fixtures have made my home feel more comfortable. It’s clear that safety and quality were top priorities, which really makes me feel more at ease. The building looks better and feels safer overall, and I truly appreciate that all these improvements were made without losing the sense of community or affordability. It’s meaningful to see real investment in the place we call home.”

Housing New Mexico Chief Lending Officer Jeff Payne said the preservation loan fund is crucial to the state, as the availability of affordable housing continues to be a challenge.

“As affordable housing properties in the state age, it’s important we have solutions to address the issue of potentially losing affordable housing opportunities for New Mexicans,” said Payne. “Flexible funding from the New Mexico Housing Trust Fund allows us to provide these preservation opportunities to developers and other partners that ultimately benefit people in need of an affordable, safe place to live.”

For details about the New Mexico Preservation Loan Fund, visit the Housing New Mexico website. To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.

 

Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), was created in 1975 by the New Mexico State Legislature to provide quality affordable housing opportunities for all New Mexico residents. As the state’s housing authority, Housing New Mexico uses housing bonds, tax credits and other federal, state and private resources to fund more than 40 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, Housing New Mexico’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs which have provided over 505,000 families with affordable housing and services since its inception.

To learn more about Housing New Mexico, visit housingnm.org.