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Nov 01, 2020 MFA announces COVID-19 housing cost assistance program

Gary Sandler

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Published 1 November 2020

The New Mexico Mortgage Finance Authority recently announced the rollout of its COVID-19 Housing Cost Assistance Program, which is designed to provide rental and mortgage payment assistance to New Mexico renters and homeowners who have been impacted by the COVID-19 virus.

“Eligible recipients will receive as much as $1,500 a month for up to three months to pay back rent or mortgage payments”, said MFA homeownership representative Teri Baca. Baca went on to say that “Payments on mobile home liens and the land or lots on which they are located as well as certain real estate contracts may also be covered. MFA will pay your past-due rent or mortgage payment directly to your landlord or servicer. The assistance does not have to be repaid”.

In order to qualify for the program, applicants must have a household income that is equal to or less than 80-percent of their area’s median income or reside on tribal lands, demonstrate that they have been directly impacted by the virus, and provide proof that their rent or mortgage payments are past due. Income limits in Dona Ana County range from $30,750 for a single-person household to $57,950 for a family of eight. Median incomes for New Mexico’s remaining 32-counties can be found on MFA’s website at www.housingnm.org or http://housingnm.org/assets/content/Income_Limits.pdf.

COVID-related hardships include a job loss, job furlough or closure of your place of employment, a wage reduction greater than 10 percent of household income due to COVID-19-related job changes, lost work hours due to lack of childcare or quarantining because of a COVID-19 diagnosis, or wage reduction due to being over 65 or having any health condition that enhances the risk for COVID-19.

“Applications will be ranked based on income level or tribal land residency and the date and time the application was received. If sufficient funds are available, all eligible applications will be funded, regardless of ranking. MFA will make payments directly to landlords, servicers, escrow companies or other housing providers”, according to information provided by MFA.

Applications for MFA’s COVID-19 Housing Cost Assistance Program will be accepted from 8 a.m. November 2 through 5 p.m. November 13 only. “Because there are several supporting documents that must be provided with the application, New Mexicans should begin the application process as soon as possible”, said Baca. A list of required documents can be found on MFA’s website.

As with all assistance programs, funds are limited so applicants should apply as soon as possible.

See you at closing!

Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com.

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