Opportunity Enterprise - Housing Development Program
Opportunity Enterprise - Housing Development Program supports housing developers with loans for workforce housing and affordable housing infrastructure to expand attainable housing across New Mexico.
Funder: New Mexico Finance Authority
Due Dates: November 19, 2026 (Round 7 opens) | January 5, 2027 (Round 7 Part One) | January 7, 2027 (Round 7 full application)
Funding Amounts: Gap-financing loans up to $15 million per project, with terms generally up to 30 years
Summary: Loans support workforce housing construction and affordable housing infrastructure to increase attainable housing across New Mexico.
Key Information: The advertised rural-only round restricts projects to communities under 60,000 people; applicants must demonstrate a financing gap.
Description
The New Mexico Finance Authority (NMFA) administers this revolving loan program under the oversight of the Opportunity Enterprise and Housing Development Review Board. Created through House Bill 195 in 2024, the fund addresses housing shortages by providing gap financing rather than financing entire developments. For-profit and nonprofit housing development partners can seek support for workforce housing construction or infrastructure needed for affordable housing.
Workforce housing must offer below-market housing for middle-income workers near employment centers, including rental housing and homeownership options. Infrastructure financing supports improvements such as water and sewage systems, drainage, roads, nonmotorized access, utilities, landscaping, and recreational spaces. Projects are prioritized for community need, efficient use of the fund, readiness, and supportive local land-use practices. At least 30% of the fund is reserved for rural projects.
