The mission of the County’s Affordable Housing Program is to provide increased affordable housing opportunities to workforce families throughout the county. The Affordable Housing Program includes down payment assistance, roof repair and replacement, and foreclosure prevention. Down payment assistance for home buyers is available, up to $20,000 is for households with incomes at or under 65% of AMI; up to $15,000 for households with AMI of 65%-80%; and up to $10,000 for households with 80%-100% of AMI.
Downpayment assistance in the form of zero percent, non-amortizing deferred payment loans are available from the County. Assistance up to $20,000 is available for households with incomes at or under 65% of AMI; up to $15,000 is available for households with AMI of 65%-80%; and up to $10,000 is available for households with 80%-100% of AMI. Applicants must be a first-time homebuyer, must have received homebuyer education, must have received mortgage loan approval pending receipt of the County assistance and must have prepared a realistic household budget.
The County has funding available for the repair or replacement of roofs called “Happy Roofs” for roofs that have severe problems which threaten the health and safety of residents. Assistance is in the form of a zero percent interest loan which is non-amortizing and forgiven after 10 years. The loan amount is up to $14,999 and is secured by a note and mortgage. Applicants are required to complete the attached application and certification. County staff reviews the information to determine if the applicant is income eligible. The individual must be low income ( <80% AMI), as established by the New Mexico Mortgage Finance Authority and the Department of Housing and Urban Development.
To prevent foreclosure of a home purchased under the Affordable Housing Program and for which the County holds an Affordability Mortgage and Lien, the County has five tools which it uses to prevent foreclosure: 1) Assist homeowner in seeking a refinance of an existing loan from the first mortgage lender; 2) Assist homeowner in securing a loan modification from the first mortgage lender; 3) Grant emergency short-term mortgage assistance per program requirements in cases of job loss or other severe economic hardships; 4) Arrange a voluntary sale to another income qualified buyer meeting program requirements; 5) Purchase the home.
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