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The Opportunity Enterprise Housing Development Program is a $125 million fund that represents the single largest state investment in housing. It’s also the first such program focused on housing families that don’t qualify for traditional affordable housing programs, but still lack housing options.
“A lack of housing supply is creating too many problems in our state, from growing unhoused populations to essential workers not being able to live in the communities where they work,” said Gov. Lujan Grisham. “This initiative is an important tool for creating more homes and options for New Mexicans.”
The New Mexico Finance Authority (NMFA), which administers the Opportunity Enterprise and Housing Revolving Loan Fund, will build on their success with the current Opportunity Enterprise economic development funding program to address the state’s housing shortage for workers.
The fund will prioritize investments in communities where local governments are taking steps to reduce barriers to new housing. That could include initiatives such as streamlining permitting, inspections, and updating land use and zoning rules to remove invisible barriers to creating badly needed new housing.
The Opportunity Enterprise Housing Development Program will provide low-cost financing for the development of both rental and homeownership workforce housing, as well as infrastructure financing for traditional affordable housing projects. The first round of funding will make $30 million available, with the remainder of the $125 million available in subsequent funding rounds.
The workforce housing program is a key initiative produced by the governor’s 2023 Housing Investment Council, which tapped a wide range of housing experts to identify solutions to New Mexico’s acute housing shortage. Created through House Bill 195 and passed by the legislature in 2024, the housing initiative is part of a record $200 million in state housing investments including $50 million for traditional affordable housing programs at Housing New Mexico (formerly the New Mexico Mortgage Finance Authority), $20 million for innovative homelessness interventions, and $2 million to launch a State Office of Housing.
The current application round for the Opportunity Enterprise programs opens on September 4 and closes on October 16. All applications will be reviewed by the Opportunity Enterprise Board and scored after the round closes based on an established evaluation policy.
NMFA will present an Opportunity Enterprise webinar on September 4 at 10 a.m. The application and other key information can be found at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund. Interested developers with questions can contact NMFA program staff at[email protected]?or by calling (505) 992-9687.