Opportunity Enterprise - Housing Development Program
Opportunity Enterprise - Housing Development Program supports 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 fixed rates of 2% or 4% and terms up to 30 years
Summary: Loans support workforce housing construction and affordable-housing infrastructure to increase attainable housing across New Mexico.
Key Information: Applicants must demonstrate that other financing is unavailable or insufficient to complete the proposed project.
Description
The Opportunity Enterprise – Housing Development Program provides low-interest loans to help developers create attainable housing in New Mexico. Administered by the New Mexico Finance Authority (NMFA) and overseen by the Opportunity Enterprise and Housing Development Review Board, the program draws on a revolving fund created through House Bill 195 in 2024. Loans provide gap financing rather than covering an entire project.
The program supports below-market workforce housing for middle-income workers near employment centers and infrastructure needed for affordable housing. Eligible infrastructure includes water, sewage, drainage, roads, utilities, nonmotorized access, parks, landscaping, lighting, telecommunications, and related housing-enabling improvements. Both rental and for-sale workforce housing are supported. At least 30% of the fund must support rural projects.
