New Mexico Housing opens up loans to landlords to incentivize affordable housing
New Mexico's housing agency is offering forgivable loans to private landowners who agree to improve their rental properties and lease them to tenants at an affordable rate for five years.
Housing New Mexico on Monday announced a pilot program to make more affordable rental properties available for tenants on rental assistance by offering forgivable loans to landlords to improve them.
The Rehab-2-Rental program is offering forgivable loans of up to $25,000 to landlords who currently lease or agree to lease their properties to renters who hold tenant-based housing vouchers like Section 8, Linkages and local government rental assistance, according to a news release.
The landlords would use the loan money to pay for needed improvements to rental units to make them ready to rent, the news release states.
Housing New Mexico's Board of Directors in February approved $656,000 for the program. According to the notice of funding, landlords must commit to offering the lease at a rate affordable to the tenant for five years, and must commit to meeting the real estate inspection standards set by the U.S. Department of Housing and Urban Development.
'Whether it's single-family homes or rental properties, New Mexico is in great need of affordable housing for its residents,' Housing New Mexico Executive Director and CEO Isidoro Hernandez said in a statement. 'This program is a win-win in that it will help landlords with funding to bring rentals up to standards and will provide more opportunities for affordable housing in the state.'
According to the news release, private companies, public housing authorities and others are eligible to apply by submitting rehabilitation projects on behalf of private landlords.
There will be an informational webinar for applicants online at 11 a.m. on Wednesday, April 2. The link to the webinar is here. It will be recorded for those who can't attend.
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