The New Mexico Mortgage Finance Authority has been awarded a $3.6 million Capital Magnet Fund grant from the U.S. Department of the Treasury.
The money comes from Treasury’s Community Development Financial Institutions Fund. MFA is one of 40 grant recipients recently awarded a total of $120 million.
MFA was one of only five state housing finance agencies to receive funding, according to a news release.
MFA will use the $3.6 million award to capitalize its affordable housing fund, which provides down payment assistance to low-income homebuyers in the state. MFA is on track to see a 25 percent increase in the number of down payment assistance that has been provided in the last two calendar years.
“A record-breaking number of New Mexicans have used MFA’s down payment assistance programs to buy homes over the last two years,” said Jay Czar, executive director of MFA, in a prepared statement. “We are extremely pleased that we can now expand those programs to help even more New Mexicans become homeowners. These families will experience the financial and emotional security that comes with being a homeowner.”