Families in New Mexico hoping to buy a home have something good on the horizon. An injection of cash from the federal government, targeting modest-income households, will go to the local nonprofit Homewise in an effort to “help New Mexicans build long-term financial wellbeing through affordable and accessible homeownership,” according to a news release from the organization Tuesday.
A US Department of Treasury grant will funnel $1.8 million to the nonprofit that helps families become homeowners by providing low-cost financing and education around the intricacies of mortgages and loans. As SFR reported last week and earlier this year, the improving rates of homeownership are key in solving Santa Fe’s affordable housing crisis.
The federal grant will expand lending options available to low- and moderate-income families purchasing a home through Homewise. The homeownership advocacy group took home just over 1% of the total $1.25 billion award, which was made through the Treasury’s Community Development Financial Institution Rapid Response Program.
The objective of the relief funds is to provide money for community development organizations, to address economic barriers brought on by the COVID-19 pandemic. In the statement, CDFI Fund Director Jodie Harris says the cash supports “distressed and underserved communities across the country” as they work to recover from the ongoing impacts of the pandemic.