News Release

NEW MEXICO MORTGAGE FINANCE AUTHORITY RECEIVES $164,000 HOUSING COUNSELING GRANT
Funds to Provide Homeownership, Rental and Foreclosure Prevention Counseling

ALBUQUERQUE – HUD Albuquerque Field Office Director Elva Castillo today presented the New Mexico Mortgage Finance Authority (MFA) with a check for $164,624 for a Comprehensive Housing Counseling Grant that will be used to educate approximately 1000 households in New Mexico. Nationwide, approximately 700,000 families will have a greater opportunity to find housing or keep the homes they have because of the more than $44 million in housing counseling and counseling training grants that were awarded by HUD this year.

"This Administration strongly believes in the value of housing counseling services," said Castillo. "The New Mexico Mortgage Financing Authority will use these funds to help families make informed choices before they take the important step of homeownership. They also provide a service that is vital in today's mortgage market – they counsel families facing foreclosure and advise them about their options."

Housing counseling agencies help combat predatory lending by assisting unwary borrowers avoid unreasonably high interest rates, inflated appraisals, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and even foreclosure.

"We are grateful to receive this Comprehensive Housing Counseling Grant from HUD," said MFA Executive Director Jay Czar. "This grant will not only expand homeownership opportunities throughout the State of New Mexico, but will also provide essential foreclosure prevention education."

HUD awards annual grants under the housing counseling program through a competitive process. Organizations that apply for grants must be HUD-approved and are subject to biennial performance reviews to maintain their HUD-approved status.

The New Mexico Mortgage Finance Authority is a quasi-public entity financing housing and related services for low-to moderate-income and underserved families throughout the State. MFA provides a variety of affordable housing programs that range from assistance to the homeless, to developing new housing projects, to providing opportunities for homeownership.

Created by the State of New Mexico, the MFA is a fully self-supporting, not-for-profit enterprise. It does not receive any State funds for its operations. Since its inception in 1975, the MFA has provided more than $3.9 billion in affordable housing for families in New Mexico.

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