New Mexico Homeowner Assistance Fund provides $43 million to 4,200 households
Ahousing assistance program launched during the COVID-19 pandemic is almost out of money and coming to an end.
The New Mexico Mortgage Finance Authority reported last week it assisted 4,217 households by providing $43.5 million in assistance from the New Mexico Homeowner Assistance Fund program. The program provided housing grants to income-eligible households experiencing financial hardship associated with the pandemic.
The program started in 2021, and the final applications had to be submitted by March 1.
“New Mexicans faced challenging times during the pandemic, and we are thankful that the Homeowner Assistance Fund program was available to help homeowners overcome financial hardships and prevent foreclosures,” MFA Executive Director and CEO Isidoro Hernandez said. “The program was very impactful by assisting over 4,200 households in our state.”
The U.S. Department of the Treasury allocated $9.9 billion to states in the American Rescue Plan Act of 2021. HAF was established to mitigate financial hardships for homeowners associated with the pandemic.
The mortgage finance authority administered the funding for home loan reinstatement, monthly payment assistance, homeowner property taxes and homeowner insurance.
But the program is coming to an end.
“When all HAF funding is expended, additional funding for this program is not expected from any source known to us at this time,” said Kristie Garcia, New Mexico Mortgage Finance Authority spokesperson. “The program will end when all HAF funding is expended.”
Any remaining HAF program funding will be used for pending applications submitted on or before March 1, which are currently under review.
If there are any questions regarding pending applications, individuals may contact MFA at housingassistance@housingnm. org or 505-308-4206.