NEW MEXICO (KRQE) – The cost of a home is outpacing wage growth which means the ability to achieve homeownership has become more difficult than ever before for New Mexicans. This week, the state launched the Zero Interest Homebuilder Program which offers interest-free construction financing for contractors. The program incentivizes the development and sale of entry-level homes for low to moderate-income families.
These loans may be used to assist in financing a wide range of activities to increase affordable homeownership opportunities across the state. “We are very hopeful that this sparks a lot of interest and that we get dozens of applications to be able to administer this program or to take advantage of this program and build hundreds of homes between now and the end of the year,” said Executive Director/CEO Isidoro Hernandez, Housing New Mexico MFA.
Complete applications need to be made 60 days prior to a Housing New Mexico Board of Directors meeting to be considered at the meeting. Anyone with questions is asked to send an email to program manager Joshua Howe at jhowe@housingnm.org