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MFA COVID-19 Housing Cost Assistance Program

Published on September 2, 2020

State Agency	New Mexico Mortgage Finance Authority
Program Name	MFA COVID-19 Housing Cost Assistance Program
Program Description	A new program established to provide financial relief for renters and homeowners who have experienced a loss of income resulting from the COVID-19 pandemic.
Program Website	housingnm.org
Program Status	Accepting Applicants
Start Date	11/02/2020
Eligibility Criteria	• Household income must be at or below 80 percent of AMI (applicants residing in tribal lands do not need to meet household income requirements to qualify for assistance). • Must certify financial hardship related to COVID-19. • Must have been current on housing payments as of February 28, 2020, and be able to provide documentation of past rent, mortgage, or other housing expenses • Must not have received other forms of housing assistance for the same period.
Eligible Activities	Rent arrearages Mortgage arrearages Mobile Home Lot Rent Other
Eligible Activities, if other, details:	• Real Estate Contract Assistance • Mobile Home Land Payment • Mobile Home Loan Assistance
Direct Recipient of Assistance	Landlord Mortgage Servicer
Direct Recipient of Assistance, if other, details:	Escrow company, and any other housing provider
Maximum Length of Assistance	Up to 3 months
Maximum Assistance Available Per Household	Up to $1,500 a month per household
Household Contribution Requirements	Difference Between Grant Amount and Total Rent or Mortgage
Total Applications as of Date	6,042
Funding Source	Coronavirus Relief Funds (CARES Act) CDBG-CV (CARES Act)
Total Funding Amount of Program	$12,096,972.00
Remaining Funds as of Date	$10,709,869.00
Date of Entry or Changes	01/09/2021