The New Mexico Finance Authority (NMFA) has unveiled funding opportunity announcements (FOA) for two developmental programs aimed at providing low-cost financing to commercial and affordable housing interests.
The two Opportunity Equity (OE) programs are split into commercial development and housing development initiatives. The FOAs, endowed through the NMFA, will deliver financing options for commercial and housing developers to further commercial facility availability, workforce housing and affordable housing infrastructure in New Mexico.
For commercial projects, the OE program marks the third round of funds from the commercial development program and will invest approximately $100 million into commercial developments to attract more businesses into New Mexico and boost the economy. The program will deliver loans up to $17.5 million to commercial developers with a project that provides a community impact in a beneficial location.
OE’s housing development $125 million program is administered by the NMFA. $30 million is available to housing developers in this first round of financing. Created under New Mexico HB195 in 2024, the program will use funds from the Housing Development Revolving Fund for workforce housing construction and the infrastructure for affordable homes. Housing developers will receive loans up to $15 million.
Eligible applicants can be non- or for-profit businesses with an active project in New Mexico. Developers applying for the OE program must do so online on the Commercial Development Program or Housing Development program webpages. The application deadline for both OE programs closes on October 16.
Photo by Ernie Journeys on Unsplash
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