Initiatives Unveiled at Housing Summit

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New Mexico Governor Bill Richardson led discussions on increasing homeownership and retention rates at a recent summit in Albuquerque. Several new housing development initiatives were unveiled during the summit, including more help for colonias along the border and a mortgage booster program that will provide second mortgages and downpayment and closing cost assistance.

The three-day conference, "Under One Roof - the New Mexico Governor's Housing Summit 2004", was sponsored by the New Mexico Mortgage Finance Authority (MFA). The summit emphasized affordable housing finance, housing development, financial literacy, and strategies for a changing real estate market. It also covered many of New Mexico's housing needs including tax credits, disability, multifamily compliance, public housing and fair housing.

The Governor noted that New Mexico is ahead of the rest of the country with a homeownership rate of 70.3 percent, but urged more be done, especially by the private sector. He applauded the results of partnerships between MFA, HUD and the state's housing communities, expressing optimism about the direction he sees the housing industry going in New Mexico. "One of my top priorities as Governor is to ensure that all New Mexicans have access to affordable housing, and I look forward to bold ideas from some of the top housing experts during this summit," he said.

MFA will be rolling out a new program called HERO (Home Equity Required Occupation), directed at teachers, nurses, firefighters and police officers. MFA also announced plans to partner with Fannie Mae and Freddie Mac in a statewide campaign to educate consumers about finances and predatory lending practices.