new mexico mortgage finance authority

Transcription

NEW MEXICO MORTGAGE FINANCE AUTHORITY
Board Meeting
Albuquerque International Balloon Museum - 9201 Balloon Museum Dr. NE
Wednesday, July 23, 2014 at 9:30 a.m.
Proposed Agenda
Chair Convenes Meeting
 Roll Call (Jay Czar)
 Approval of Agenda – Board Action
 Approval of 6/18/14 Board Meeting Minutes – Board Action
Board Action Items
Action Required?
Finance Committee
1 Proposed 2014 Household Income Limits for HOME funded Down Payment Assistance Programs (Erik Nore) YES
2 Proposed 2014 Acquisition Cost Limits for the Single Family Mortgage, Housing Opportunity Fund and
HOME funded Down Payment Assistance Programs (Erik Nore)
YES
Contracted Services/Credit Committee
3 Cibola Apartments Award Recommendations (Michael Scott)
 Preservation Revolving Loan Fund Award
 Primero Development Grant Award
Other Board Items
4 (Staff is available for questions)
 Staff Action Requiring Notice to Board
 Series 2014B Pricing Summary
Monthly Reports
5 (Staff is available for questions)

5/31/14 Financial Statements

To Be Announced (“TBA”) Activity Report

Communications Department Report
YES
Information Only
No Action Required
Announcements and Adjournment
Discussion Only
Confirmation of Upcoming Board Meetings
 August 20, 2014 – Wednesday – 9:30 a.m. (ABQ Convention Center)
 August 20-22, 2014 – “A Place for Housing” New Mexico Housing Summit (ABQ Convention Center)
 September 17, 2014 – Wednesday – 9:30 a.m. (MFA)
 October 15, 2014 – Wednesday – 9:30 a.m. (MFA)
Minutes
Board Meeting
344 4th St. SW, Albuquerque, NM
Wednesday, June 18, 2014 at 9:30 a.m.
Chair Burt convened the meeting on June 18, 2014 at 9:32 a.m. Secretary Jay Czar called the roll. Members
present: Chair Dennis Burt, Sally Malavé (Designee for Attorney General Gary King), Mark Van Dyke (Designee
for Lieutenant Governor John Sanchez), Treasurer James Lewis, Angel Reyes and Steven Smith. Randy McMillan
participated via conference call until tab 8 signing off at 10:50 a.m. Absent: none. Czar informed the Board that the
meeting was being held in accordance with the New Mexico Open Meetings Act.
Chair Burt welcomed board meeting attendees and noted that the meeting was being webcast. Chair Burt went over
the voting protocol – asking that Randy vote once everyone has voted so there is no confusion as
Approval of Agenda - Board Action. Motion to approve the June 18, 2014 Board agenda as presented: Lewis.
Second: Van Dyke. Vote: 7-0.
Approval of 5/21/14 Board Meeting Minutes – Board Action. Motion to approve the June 18, 2014 Board
Meeting Minutes as presented: Reyes. Second: Malavé. Vote: 7-0.
Presentations – Chair Burt informed the Board that Standard & Poor’s presenters had not arrived so we would start
with Zion’s Bank – Corporate update.
1
Zion’s Bank - Corporate Update (Harris Simmons CEO, Richard Sullivan & Sandy Stevens, Zion’s
Corporate Trust). Hickman introduced Zion’s staff and stated that they would be discussing the status of their
Tier One capital ranking and general information regarding their organization. Simmons stated that they are
the largest domestically owned bank and operate in 10 western states. He reviewed some slides (handed out to
the Board) focusing on the technical issues related to the Dodd Frank Act stress tests conducted by the Federal
Reserve as well as reviewing several charts regarding Zion’s structure, portfolio, financial strength and
comparisons to their peers. Reyes stated that some of the initial concern had to do with Collateralized Debt
Obligations (CDOs), the Volker Rule and the impact of the liquidation of those securities by Zion’s Bank. In
response to member Reyes, Simmons then discussed the Volker Rule, its purpose and impact on banks across
the country. Simmons also discussed the recent change in the rule related to the CDOs which had created
unintended consequences. He also noted that any concerns related to the CDOs or stress test results have no
direct impact to its corporate trust operations. Chair Burt thanked Simmons for his presentation.(See attachment
A)
2
Standard & Poor’s HFA Trend Review (Larry Witte, Director & Analytical Leader, S&P & Raymond
Kim, Associate, S&P). Hickman introduced Larry Witte and Raymond Kim explaining that they would share
trend information with the Board regarding HFA issuer credit ratings and financial performance. Kim explained
that they work in the Housing Enterprise and Structured Securities group at S&P. Kim stated that he would
give a brief overview of the HFA Issuer Credit Rating data and look at some of the matrixes they analyze when
they assign those ratings. He went over the different ratings among the various states/HFA’s, and then went
over some of the matrixes including: Trends, Leverage, Profitability, and Asset Quality. He concluded stating
that they are in the process of issuing MFAs annual credit rating and don’t anticipate any major movements in
the rating which should be out in the next week or so. Reyes asked if he could provide some insight as to what
they look for, some trends that are favorable for MFA, and perhaps input on what MFA is not demonstrating
right now. Witte responded that it is MFA’s low equity base; to get upgraded to a AA is a matter of equity
levels. Other HFAs have stopped issuing debt which has caused their equity base to go up. MFA has been an
active HFA with their single family indenture, which is admirable. They’ve been able to do it by blending in
their zero participation loans to blend down their rate. He doesn’t see this as being credit negative for MFA as
they are still the same consistent, conservative, active, mission driven agency that they’ve been for many years.
MFA Regular Board Meeting Minutes
June 18, 2014
Page 2
Reyes asked if a 15% gives us a better angle towards that rating. Witte concurred, stating yes something in that
area. Discussion ensued regarding the financial crisis, regulatory issues, as well as how fee structures are
determined. Czar informed the Board that S&P would be meeting with staff following the Board meeting to
discuss MFA’s rating review. Burt stated this is a good time for them to be here to meet with staff, as we are
getting ready for our Board Retreat and new Strategic Plan. Burt asked that they give staff some insights for
those critical matrix’s that should be guiding this organization that would enhance our rating.
(See
Attachment B)
Finance Committee
3 Servicing Project – Phase II (Theresa Laredo-Garcia). Laredo-Garcia provided an update on the Servicing
Project – Phase II. She provided some background stating the Servicing Expansion Committee presented the
results of the work performed by the Committee to the Board in March 2014. The final report described new
accounting pronouncements for governmental entities related to the handling of purchased loan fees which
required MFA to expense Service Release Premiums rather than capitalize. This rule negatively impacted the
profitability of both the self-servicing and sub-servicing economic feasibility models; thus the Committee
recommended not moving forward with the servicing expansion and continuing with the current Master
Servicing structure. The Committee identified “next steps” which are included behind tab three and will
become a part of the official board packet. The board reviewed, discussed and recommended to move forward
with the next steps utilizing the Servicing Expansion budget to support these activities. In moving forward,
Staff has evaluated our current software capabilities and has identified ways to automate and implement new
technology to improve department efficiency. MFA will move forward with the purchase of the MITAS
Document Management System to incorporate a paperless process for MFA lenders for transmitting loan files
to MFA. Purchase the MITAS Customer Service Portal to provide MFA borrowers with on-line access to their
loan and the ability to make on-line payments, and Technology Infrastructure enhancements to support MFA
through increased security and overall system performance. Laredo-Garcia also reported that further research
of the GASB accounting pronouncement revealed that MFA would not have to change the handling of Service
Release Premiums as described above (from capitalized to expensed). The Committee reconvened to review
updated economic feasibility studies for self-servicing and sub-servicing models and concluded that the selfservicing model is still not feasible; however the sub-servicing model does appear to be a viable revenue
generating activity. Based on this very preliminary but positive evaluation of the sub-servicing model, the
committee recommends MFA proceed with the following “next steps” in the servicing project identified as
Phase II: continue with system enhancements (current operation), complete the development and
implementation of the Compliance Management System, extend the Master Servicing contract with Idaho
Housing Finance Association through March 2016; and expand research efforts for the sub-servicing model.
The timeline for accomplishing these next steps is by March 31, 2015. The Committee will continue its work,
and MFA would maintain the current servicing staffing levels until a final determination is made regarding subservicing. Motion to approve the Servicing Project – Phase II as recommended: Smith. Second: Van Dyke.
Vote: 7-0. (See Attachment C)
4
FY 2014 General Fund Budget Amendment (Yvonne Segovia). Segovia reiterated Theresa’s comments
regarding next steps of the Servicing Expansion project including evaluation of technology enhancements for
current operation as well as implementation of efficiencies for current Servicing and Homeownership
operations. In March the Board recommended using the Servicing Expansion budget on system enhancements
and process efficiencies. Staff agreed to present a Budget Amendment in order to provide the Board with the
information on what the budget will actually be used for, and eliminate the Servicing Expansion budget that
will not be used. She further explained the proposed budget will decrease expenses by ($294,683) resulting in
Total Expenses of $11,561,532 and Excess Revenue over Expenses of $33,330. She reviewed the Budget
Amendment located behind tab four which will become a part of the official board packet. She reminded the
Board they had approved a budget amendment in April to support the contributions for the formation of the
CDFI/Ventana Fund which put us in negative excess revenue over expenses position, further stating that this
budget amendment will put us back in a positive position. She reviewed a few of the larger line items affecting
the budget, they are: Salaries: Decrease ($67,953) (2%) , Payroll Taxes & Benefits: Decrease ($38,916) (2%),
Out-of-State Travel: ($15,550) (16%), Repairs & Maintenance: ($13,600) (5%), Education & Training:
($33,050) (31%), Contractual Services: ($38,400) (4%) and Capital Outlay: ($87,429) (41%). Motion to
June 18, 2014
Page 3
approve the FY 2014 General Fund Budget Amendment as presented: Lewis. Second: Vote Malavé. Vote: 7-0.
(See Attachment D)
5
Employee Handbook Revisions (Maggie Raznick & Yvonne Segovia). Raznick stated as a result of our
most recent Employee Management Internal Audit (presented at the May, 21, 2014 Board meeting) as well as
other updates, staff is recommending the following revisions to the Employee Manual. The first is a revision to
the Paid Personal Day language to reflect that it is not paid out at time of termination and is on a “use or lose it
basis”. Under Standards of Conduct & Disciplinary Action it is being recommended that “Failure to complete
Personnel Activity Reports” be added. Other additions being recommended to the Employee Manual included
updating the Wellness Program section due to implementation of a new program and, adding “Leave with Pay”
for Parents with School Aged Children in accordance with the Governors Executive Order 2014-007 –
Administrative Leave for Parent-Teacher Conferences. Motion to approve the Employee Handbook Revisions
as presented: Malavé. Second: Reyes. Vote: 7-0. (See Attachment E)
6
To Be Announced (“TBA”) Single Family Program Administrative Services Request for Proposals
(Kathy Keeler). Keeler began her presentation with background information stating that in May 2012 – The
Board approved a Request for Proposals for To Be Announced Single Family Program Administrative Services
(the “RFP”). July 2012 – The Board selected First Southwest as the Administrator. MFA and First Southwest
executed a To Be Announced (“TBA”) Program Administration Services Agreement (the “Agreement”) in
September 2012. The Term of the Agreement was for one year with two successive one year extensions under
the same terms and conditions. September 2013 – The Board exercised the option to extend the Agreement
with First Southwest, under the same terms and conditions for an additional one year period ending September
13, 2014. She explained that although the Board has on option to extend the contract for one more year, staff
is recommending that proposals are solicited for TBA Program Administration Services.
This
recommendation is based on the fact that the market for these services being provided to Housing Finance
Agencies has expanded and developed over the last few years. Additionally, as MFA has gained some
experience in managing a TBA program we have identified opportunities related to pricing that are now
included as part of the RFP that would be beneficial to the program and MFA’s profitability. First Southwest
Corporation, our current service provider, is/has been performing at a very high level. Keeler stated that their
service has been excellent and they were instrumental in assisting MFA in establishing its program. This
decision is by no means related to their performance as MFA’s TBA Administrator. Responses to the 2014
RFP are due on Wednesday, July 16, 2014 at 4 p.m. MDT. Staff plans to present an award recommendation to
the Board at the August Board Meeting. The 2014 RFP contract term shall begin the day the board approves
the award and end one year later. At the option of the Board, the contract may be extended for two, one year
periods under the same terms and conditions. Keeler explained the 2014 RFP was changed substantially to
reflect MFA’s established TBA program and the processes that have been put into place over the last two
years. She reviewed the summary of the significant changes made to the RFP, which are located behind tab six
and will become an official part of the minutes. Motion to approve the To Be Announced (“TBA”) Single
Family Program Administrative Services Request for Proposals as presented: Van Dyke. Second: Malavé.
Vote: 7-0. (See Attachment F)
7
Amendment to Trust Indenture and Loan Agreement for NM Rainbow Apartments Projects Series
2007C & 2007D (Felipe Rael). Rael explained there are three items located behind tab seven for this
recommendation – the Resolution authorizing the execution of an Amendment to the Trust Indenture and Loan
Agreement amendment. He informed the Board that on June 29, 2007, MFA issued bonds for NM Rainbow
Apartment Projects Series 2007C in the amount of $12,060,000 million and Series 2007D subordinated bonds
in the amount of $2 million. The Borrowers for the Rainbow Apartment Project have requested MFA amend
the original Trust Indenture and the original Loan Agreement to accommodate the addition of an amortization
schedule for the subordinate bonds (Series 2007D). MFA has been advised that the holders of subordinate
bonds are in agreement with the changes to be made to the original documents. MFA’s position as issuer of the
bonds is not affected by the addition of this amortization schedule to the documents. Rael stated that it should
be noted post Finance Committee there was specific discussion with regards to the pre-payment premium;
June 18, 2014
Page 4
additional language was inserted into the Trust Indenture. Motion to approve the Amendment to Trust
Indenture and Loan Agreement for NM Rainbow Apartments Projects Series 2007C & 2007D as presented:
Reyes. Second: Lewis. Vote: 7-0. (See Attachment G)
Contracted Services / Credit Committee
8 2014 Rental Assistance Program – Award Recommendations (Laurie LindenDill). LindenDill explained
that the Rental Assistance Program (RAP) consists of Federal Emergency Solutions Grant (ESG) funds and/or
State Homeless (ESG) funds and explained the programs objectives. On March 19, 2014, MFA issued an RFP
to procure providers for RAP services for the State of New Mexico. MFA received 10 proposals by the April
18, 2014 deadline. Two (2) agencies were missing threshold items and were given an opportunity to correct
those items during the Deficiency Correction Period. The agencies did not submit the deficient items and
therefore did not pass Minimum Threshold requirements. Preliminary Award Notices were sent to the agencies
on May 28, 2014. There were no protests received. The proposed preliminary RAP awards were reviewed and
are located behind tab nine and will become an official part of the board packet. LindenDill explained that
prior year’s the total allocated amount has typically been a combination of Federal Emergency Solutions Grant
(ESG) funds, State Homeless funds plus any rollover funds from previous year. For PY 2014/2015, the amount
allocated to this year’s RAP program is $559,399.00 and it is all State Homeless funds. She further informed
the Board that the award recommendations are based on U.S. Census 2012 Persons below the Poverty Level for
each county. She stated that approval of awards is based on funding availability pending the final allocation
amount the State of New Mexico and final award amounts will be submitted through the Staff Action Report.
Discussion ensued regarding the two agencies that did not receive funding, who applies for these funds and if
there are new applicants or if it is all existing providers who applied. Motion to approve the 2014 Rental
Assistance Program – Award Recommendations as presented: Smith. Second: Reyes. Vote: 7-0. (See
Attachment H)
10:50 a.m. Member McMillan signed off.
9
2014 House by House Reservation Program Notice of Funds Availability (Laurie LindenDill). LindenDill
explained The New Mexico Mortgage Finance Authority (“MFA”) has allocated a portion of the Federal
HOME Investment Partnerships Program (”HOME”) funds administered by MFA for a House by House
Reservation Program. The purpose of the program is to provide funding for the rehabilitation of homes
occupied by eligible low-income homeowners to bring their homes back to code, safety and habitability
standards. Funding of up to $80,000 may be available to homeowners whose annual household income does
not exceed sixty percent (60%) of the area median income, adjusted for family size. The amount of HOME
funds being set aside for the House by House Reservation Program is $3 mm. Funds are reserved on a first
come first serve basis. LindenDill reviewed the Eligible Partner Criteria and Program Changes, which are
located behind tab nine and will become a part of the official board packet. Motion to approve 2014 House by
House Reservation Program Notice of Funds Availability as presented: Malavé. Second: Van Dyke. Vote: 6-0.
(See Attachment I)
10 2014 Linkages Renewal Recommendations and Linkages Expansion – Limited Source Procurement
(Laurie LindenDill). Member Smith recused himself from this item due to a potential conflict, stating one
of his tenants uses the voucher program through Bernalillo County Housing Department. LindenDill
explained the Linkages program is a permanent supportive housing voucher program for persons with a
severe mental illness who are homeless or precariously housed. The program is funded by the state through
the Behavioral Health Purchasing Collaborative and the Statewide Entity, OptumHealth New Mexico. In
2013, a Request for Proposals was issued and three service providers were selected. The RFP included the
option for two one-year renewals. This is the first year of the one-year renewals and the program term is July
1, 2014 through June 30, 2015. The total 2014 allocation for the Linkages program is $832,548 which
includes $46,800 for administrative fees to the housing providers. MFA will receive an additional
administration fee of eight percent (8%) totaling $66,603.84 which is over and above the $832,548. This
year’s allocation also includes additional funding to expand the program to two (2) new Service Areas. A
request for renewal information was issued on April 9, 2014 to the current 3 Linkages housing service
June 18, 2014
Page 5
providers. Each provider submitted updated information as required by Linkages. The renewal portion of the
allocation totals $615,978 to be awarded to the three (3) current Linkages Housing Administrators. Those
agencies are: Bernalillo County Housing Department – Albuquerque Area, The Life Link–Santa Fe Area and
Western Regional Housing Authority – Grant/Luna/Hidalgo. The Grant/Luna/Hidalgo Area is receiving a
temporary increase for twenty-six (26) vouchers to help offset the new Dona Ana area which will not come on
board until January 1, 2015. The turnaround rate of clients exiting the Linkages Program in
Grant/Luna/Hidalgo is much higher due to the availability of Section 8 units in that area. As clients exit the
program, the additional six (6) vouchers will be closed. LindenDill reviewed the Linkages Expansion –
Limited Source Procurement - Limited Number of Qualified Sources. She stated in the two (2) expansion
areas, there is only one housing entity that has experience in managing voucher based rental assistance
programs and has the staff capacity to manage the requirements of the program. The two (2) proposed
agencies are: Eastern Regional Housing Authority – Roswell and Mesilla Valley Public Housing Authority –
Las Cruces. Due to the timing of the available funding and there being only one housing entity with the
experience needed to manage this program in the expansion areas, a competitive proposal process would be
impractical. The contract term for the expansion agencies will be: Eastern Regional Housing Authority – July
1, 2014 – June 30, 2015. Mesilla Valley Public Housing Authority – January 1, 2015 – June 30, 2015.
Motion to approve the 2014 Linkages Renewal Recommendations and Linkages Expansion – Limited Source
Procurement as presented: Lewis. Second: Reyes. Vote: 5-0. (Smith abstained) (See Attachment J)
11 2014 Emergency Housing Assistance Program (EHAP) Final Awards (Karen Anderson & Rose BacaQuesada). Anderson explained that the MFA is the recipient of U.S. Department of Housing and Urban
Development (HUD) Emergency Solutions Grants (ESG) and the State Homeless Funds. MFA administers
three programs: the Emergency Homeless Assistance Program (EHAP), the Continuum of Care Performance
Program (CoC), and the Rental Assistance Program (RAP). The programs primary objective is to provide
services necessary to assist persons that are homeless or at risk of being homeless quickly regain stability and
permanent housing. MFA’s Board approved the RFP on January 21, 2014. Twenty Five (25) applications were
received by the 2/21/14 deadline and all are recommended for awards. Staff’s provisional awards were based
on last program year 2013 Federal, HUD, ESG and State allocations. For program year 2014 total allocation is
$2,129,825.94 after the $128,060.52 (in total) of allowable administrative fees to MFA, $1,157,340.42 is the
amount available for the EHAP program awards. Anderson reviewed the list of 25 EHAP agencies being
recommended for awards, which is located behind tab 11 and will be made a part of the official board packet.
Motion to approve the 2014 Emergency Housing Assistance Program (EHAP) Final Awards as presented:
Lewis. Second: Malavé. Vote: 6-0. (See Attachment K)
Other
12 Draft Board Retreat Agenda & 2015-2017 Strategic Plan (Monica Abeita). Abeita stated that based on
input from the Board of Directors, staff and external partners, MFA’s Strategic Management Committee has
drafted the attached FY 2015-2017 Strategic Plan which will formally be presented to the Board for approval in
the fall of 2014. The FY 2015-2017 Strategic Plan will begin on October 1, 2014 and continue through
September 30, 2017. Abeita stated that also included in this item is the draft agenda for the 2014 Board of
Directors Retreat. Abeita reminded the Board that interviews were set up to discuss the Strategic Plan and ideas
for the Board Retreat. Some of the comments included: provide a draft agenda in advance to make comments,
provide board packet earlier for review to make the retreat more productive, make retreat more interactive,
more concentrated focus on issues that need board attention and more mission critical, trends presentation are
favorable and Board of Directors training. Abeita reviewed the Retreat Agenda giving an explanation of each
topic and discussed the presenters and their presentations. Abeita commented that staff hopes to have a
meaningful discussion with the Board about key issues contained within these priorities at the Board Retreat.
The discussion will be factored into the final version of the Strategic Plan, which will be presented to the Board
of Directors in September for approval. The Strategic Management Committee respectfully requests input and
comments from the Board of Directors on the draft Board Retreat agenda. In addition, we are requesting
comments from Board members who cannot attend the retreat on the draft Strategic Plan. No action required.
(See Attachment L)
June 18, 2014
Page 6
13 Quarterly Single Family Production Report (Erik Nore). Single Family Production Report (Erik Nore)
Update. Nore reviewed the status of single family bond issues and production for the last quarter. Nore
reviewed the Interest Rate History, Reservation Volume to Date, Average Historical Weekly Reservations to
Date, Comparison of Down Payment Assistance (DPA) Sources, Comparison of Loan Types, Borrower
Demographics, and MFA Payoff Statistics, Loans Paid off (refinance or sale) or Loan removed from MBS
(foreclosure, loss mitigation, bankruptcy). Nore made note of the MFA Market Share section stating that
MFA’s market share updated for 6/21/13 – 5/31/14 is 41.86% total production. No action required. (See
Attachment M)
Other Board Items - Information Only
14 No questions were asked of staff.
 Staff Action Requiring Notice to Board
Monthly Reports - No Action Required
15 No questions were asked of staff
 04/30/14 Financial Statements
 To Be Announced (“TBA”) Activity Report
 Communications Department Report
Announcements and Adjournment - Confirmation of Upcoming Board Meetings. Burt informed the Board
that the next meeting will be held in conjunction with the MFA Board of Directors Retreat on July 23 - 24, 2014 at
the offices of the Balloon Museum beginning at 9:30 a.m.
There being no further business the meeting was adjourned at 11:40 p.m. Motion: Lewis. Second: Reyes. Vote: 6-0.
Approved: July 23, 2014
Chair, Dennis Burt
Secretary, Jay Czar
Tab 1
MEMORANDUM
TO:
Board of Directors
FROM:
Erik Nore
DATE:
July 23, 2014
RE:
Proposed 2014 Household Income Limits for HOME funded Down
Payment Assistance Programs
Background
The Payment$aver, Smart Choice and Helping Hand programs are non-amortizing, 0%
interest rate (“soft second”) second mortgage loans, which provide down payment and
closing cost assistance in conjunction with an MFA first mortgage. The Payment$aver,
Helping Hand and Smart Choice programs are all HOME funded Down Payment Assistance
products, which are awarded via a federal formula block grant.
Payment$aver is targeted to homebuyers that earn less than 70-80% of Area Median
Income (AMI) and are purchasing their first home. Helping Hand is targeted to disabled
first-time homebuyers that are at 80% AMI. Smart Choice is for 80% AMI homebuyers and
is used in conjunction with a Section 8 homeownership voucher program.
Each year, HUD updates the HOME program AMI limits by state, county, federally
recognized Metropolitan Statistical Areas (MSA), metro and non-metro areas.
MFA
calculates the Household Income Limits for the Payment$aver, Smart Choice and Helping
Hand Programs according to the HOME Income and Maximum Rent Limits.
The following Household Income Limits for the Payment$aver/Smart Choice program are
determined per MFA policy and calculated using HUD published AMI levels for each area:
•
•
•
•
•
•
Albuquerque MSA (Bernalillo, Sandoval, Valencia and Torrance Counties, excluding city
of Albuquerque)= 70% AMI
Santa Fe MSA and Los Alamos County=80% AMI
Farmington MSA (San Juan County)=80% AMI
Las Cruces MSA (Dona Ana County, excluding city of Las Cruces)=80% AMI
Limits for specific counties listed below= 80% AMI of the specific county
Limits for “all other counties”=80% AMI of the state non-metro median
Proposed Payment$aver/Smart Choice Household Income Limits
MSA or County
Number of People in the Household
3
4
5
6
1
2
7
8
29,330
33,530
37,730
41,860
45,220
48,580
51,940
55,300
36,600
41,800
47,050
52,250
56,450
60,650
64,800
69,000
32,500
37,150
41,800
46,400
50,150
53,850
57,750
61,250
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Catron County
27,100
31,000
34,850
38,700
41,800
44,900
48,000
51,100
Chaves
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Colfax
27,450
31,400
35,300
39,200
42,350
45,500
48,650
51,750
Curry
29,400
33,600
37,800
42,000
45,400
48,750
52,100
55,450
Eddy
33,900
38,750
43,600
48,400
52,300
56,150
60,050
63,900
Grant
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Harding
27,350
31,250
35,150
39,050
42,200
45,300
48,450
51,550
Lea
30,350
34,650
39,000
43,300
46,800
50,250
53,700
57,200
Lincoln
30,600
35,000
39,350
43,700
47,200
50,700
54,200
57,700
Otero
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Rio Arriba
27,100
30,950
34,800
38,650
41,750
44,850
47,950
51,050
Taos
28,500
32,600
36,650
40,700
44,000
47,250
50,500
53,750
Union
26,900
30,750
34,600
38,400
41,500
44,550
47,650
50,700
All other counties
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Albuquerque MSA
Bernalillo/Sandoval/
Valencia/Torrance Counties
Santa Fe MSA and Los
Alamos County
Farmington MSA
San Juan County
Las Cruces MSA
Doña Ana County
The following Household Income Limits for the Helping Hand program are determined per
MFA policy and calculated using HUD published AMI levels for each area:
•
•
•
•
•
•
Albuquerque MSA (Bernalillo, Sandoval, Valencia and Torrance Counties, excluding city
of Albuquerque)= 80% AMI
Santa Fe MSA and Los Alamos County=80% AMI
Farmington MSA (San Juan County)=80% AMI
Las Cruces MSA (Dona Ana County, excluding city of Las Cruces)=80% AMI
Limits for specific counties listed below= 80% AMI of the specific county
Limits for “all other counties”=80% AMI of the state non-metro median
Proposed Helping Hand Household Income Limits
MSA or County
Number of People in the Household
3
4
5
6
1
2
7
8
33,500
38,300
43,100
47,850
51,700
55,550
59,350
63,200
36,600
41,800
47,050
52,250
56,450
60,650
64,800
69,000
32,500
37,150
41,800
46,400
50,150
53,850
57,750
61,250
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Catron County
27,100
31,000
34,850
38,700
41,800
44,900
48,000
51,100
Chaves
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Colfax
27,450
31,400
35,300
39,200
42,350
45,500
48,650
51,750
Curry
29,400
33,600
37,800
42,000
45,400
48,750
52,100
55,450
Eddy
33,900
38,750
43,600
48,400
52,300
56,150
60,050
63,900
Grant
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Harding
27,350
31,250
35,150
39,050
42,200
45,300
48,450
51,550
Lea
30,350
34,650
39,000
43,300
46,800
50,250
53,700
57,200
Lincoln
30,600
35,000
39,350
43,700
47,200
50,700
54,200
57,700
Otero
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Rio Arriba
27,100
30,950
34,800
38,650
41,750
44,850
47,950
51,050
Taos
28,500
32,600
36,650
40,700
44,000
47,250
50,500
53,750
Union
26,900
30,750
34,600
38,400
41,500
44,550
47,650
50,700
All other counties
26,450
30,200
34,000
37,750
40,800
43,800
46,850
49,850
Albuquerque MSA
Bernalillo/Sandoval/
Valencia/Torrance Counties
Santa Fe MSA and Los
Alamos County
Farmington MSA
San Juan County
Las Cruces MSA
Doña Ana County
Staff Recommendation
Staff recommends Board approval of the proposed 2014 Household Income Limits for the
HOME funded Down Payment Assistance programs, as summarized in the preceding tables.
Tab 2
MEMORANDUM
TO:
Board of Directors
FROM:
Erik Nore
DATE:
July 23, 2014
RE:
Proposed 2014 Acquisition Cost Limits for the Single Family
Mortgage, Housing Opportunity Fund and HOME funded Down
Payment Assistance Programs
Background
Under IRS tax code (Section 143), a Mortgage Revenue Bond
(Mortgage$aver) program loans are restricted to homes that fall under specific
Acquisition Cost Limits, based on geographic location. Each year, these
Acquisition Cost Limits may be revised to reflect market conditions.
The Department of Treasury promulgates Acquisition Cost Safe Harbor
Limits for the Mortgage Revenue Bond (MRB) program, which are based on the
Single Family Mortgage Limits under Section 203(b) of the National Housing
Act (FHA single-family loan limits). The Single Family Mortgage Limits vary,
based on geographic location
The Acquisition Cost Safe Harbor Limits for the MRB program are 90% of
the Single Family Mortgage Limits in non-Targeted Areas and 110% percent in
Targeted Areas.
Summary of Proposed Acquisition Cost Limit Increases
MFA utilizes the Acquisition Cost Limits for the MRB program to set the
Acquisition Cost Limits for all Single Family Program, Housing Opportunity
Fund and HOME funded Down Payment Assistance Programs. The following
table illustrates the current Acquisition Cost limits for the Single Family
Program, Housing Opportunity Fund and HOME funded Down Payment
Assistance Program, as well as the proposed Acquisition Cost Limits for the
same programs.
Geographic
Area
Current Acquisition
Cost
Limits
Proposed
Acquisition Cost
Limits
Santa Fe County
$384,750
$360,000
Los Alamos County
$342,585
$372,375
Taos County
$243,945
$280,125
All other Areas of The
State
$243,945
$265,158
$298,155
$324,082
All Targeted Census
Tracts
Within the State
Staff Recommendation
Staff recommends the Board approve the Acquisition Cost Limits for the
Single Family Program, Housing Opportunity Fund and HOME funded Down
Payment Assistance programs as detailed above.
NEW MEXICO TARGETED CENSUS TRACTS
Maps of each census tract are located on the MFA Website
www.housingnm.org/targeted-area-census-tracts
Bernalillo County
Luna County
Census Tract 2.00
Census Tract 6.04
Census Tract 9.01
Census Tract 9.03
Census Tract 15.00
Census Tract 20.00
McKinley County
Census Tract 9405
Census Tract 9440
Census Tract 9453
Census Tract 47.35
Otero County
Cibola County
Census Tract 1.00
Census Tract 9458
Sandoval County
Curry County
Census Tract 9409
Census Tract 1.00
Santa Fe County
Doña Ana County
Census Tract 4.01
Census Tract 13.04
Census Tract 9800
Census Tract 6.00
Census Tract 10.00
Census Tract 17.06
Sierra County
Census Tract 9623
Census Tract 17.07
Census Tract 18.05
Census Tract 18.06
Socorro County
Census Tract 9400
Tab 3
2014 Preservation Revolving Loan Fund (PRLF) RENTAL AWARD SUMMARY
Project Name &
Address
Proposed Award
Summary
Applicant
Management
Developer &
General Partner
Project Type & Size
Construction Costs
Cibola Apartments
1101 El Camino Real, Socorro, NM – Socorro County
Amount
Construction & Permanent: Rate
3% per annum
$500,000
Term
26 ½ Years
Type
Construction: 18 months, converting to
Permanent Loan: 25 years (i.e. 300 equal
monthly principal payments)
Cibola Apartments Limited Partnership is a for-profit, single-asset entity created in 1985 to own
and operate subject property. The general partner (GP) is Cibola Curry Fishburn, LLC, which
owns a 7.0% interest in the partnership. Jack Curry and Scott Fishburn are members of the LLC,
as well as principals of J.L. Gray, which is both the developer and management agent of the
Cibola Apartments. The project was self-syndicated and the ownership structure will remain after
the rehabilitation. The remaining 93% interest is owned by various limited partners.
The J.L. Gray Company, formed in 1985, operates in New Mexico, Arizona, Colorado, Utah and
Texas. It is a fully integrated New Mexico company that acquires, develops, and manages
affordable multi-family rental properties. The corporation operates out of two offices: J.L. Gray
Development office in Las Cruces, and J.L. Gray Management office in Farmington. J.L. Gray
specializes in working with non-profit and for-profit sponsors to develop affordable housing in New
Mexico’s rural communities. The management company currently manages over 100 market rate
and subsidized apartment communities in the southwest.
J.L. Gray Company – the development division in Las Cruces has developed 43 properties with
over 1,400 affordable housing units since 1986. J.L. Gray Company’s audited financial statements
for FYE 12/31/12 show about $2.4MM in assets, high debt-to-worth and good profits Unaudited
statements for FYE 12/31/13 show acceptable financial condition with reduced profit.
General Partners - Cibola Curry Fishburn, LLC. – This is a newly formed LLC and has no other
assets. It is owned by two of the principals of the J.L. Gray Company.
Rehabilitation of 20 rental units (100% low-income)
Total Project
Per Unit
Land acquisition
0
0
22,800
Construction & site
456,000
1,776
Professional Fees
35,520
Financing Costs/Soft Costs/Syndication
48,480
2,424
Construction Cost
$540,000
27,000
90,000
Reserves
4,500
Developer Fee
70,000
3,500
Total Costs
$700,000
$35,000
st
500,000
75,000
125,000
0
$700,000
25,000
3,750
6,250
0
$35,000
st
500,000
75,000
125,000
0
$700,000
25,000
3,750
6,250
0
$35,000
Construction
Sources
Preservation Revolving Loan Fund – 1 lien
MFA Predevelopment grant
MFA Primero Development grant
Deferred Developer Fee
Total Construction Sources
Permanent Sources
Project Description
The Cibola Apartments were built in 1986 using funds from the USDA Rural Development 515
loan program. The property is located in the rural community of Socorro and consists of 20
residential units: 6 one-bedroom units, 12 two-bedroom units and 2 three-bedroom units. There
are also laundry and management offices on-site. Eighteen (18) of the units receive USDA Rental
Assistance wherein the tenants pay no more than 30% of their income towards rent. The property
is well located evidenced by schools, medical services, retail and public parks within ¼ to 3 miles
2014 PRFL Loan – Cibola Apartments
Page 1
of 3
Set-Aside
Repayment and
Disbursement
Special Conditions
Other MFA
Commitments
To This Project
MFA Commitments
to Other Projects
PRLF Funds
Available
Prepared by
Reviewed by
of the site.
An existing USDA 515 mortgage became eligible for prepayment in 2006. The current Rental
Assistance agreement expires in December 2014. Because of these two situations, the property
owners have the option to prepay the mortgage and remove the apartments from the affordable
housing stock. This financing will preserve the 20 affordable units below 60% of AMI and keep
the 18 units of Rental Assistance for a minimum of 26.5 years from the signing of the new USDA
Preservation Revolving Loan Fund financing with MFA. This program was created to rehabilitate
and preserve properties financed by USDA under the 514, 515 & 516 loan programs. The funds
will be used to replace all roofs & stairwells along with addressing deferred maintenance and all
health & safety issues. Interior upgrades will include: installation of EnergyStar appliances, HVAC
mechanical systems, repair/replace parking lots and sidewalk, as well as bringing the project up to
ADA standards.
Minimum 15% of units (3 units) set-aside for permanent supportive housing.
Payments: Interest monthly during construction period not to exceed 18 months; on the 19th
month to be repaid in 300 equal monthly P & I payments (3% interest); outstanding principal and
interest will be due at the earlier of maturity, refinance or sale of the project.
Disbursement: Multiple disbursements upon evidence of costs incurred, not more frequently than
monthly.
1. Loan is subject to MFA’s final underwriting for project feasibility. The loan amount may be
reduced if the financing gap is less, and/or terms revised (i.e. interest rate & amortization) in
line with projected cash flow at closing,
2. Any changes or additions to the following development team members listed in the loan
application must be approved by MFA; developer, general partner, contractor, management
company, consultant or architect,
3. Financing commitments acceptable to MFA prior to funding on all funding sources,
4. HUD or USDA Environmental Assessment (EA) approval prior to acquisition & construction
start plus adherence to any EA approval condition,
st
5. PRLF loan - 1st lien position (will require subordination of existing USDA RD515 1 mtg.)
6. MFA will require a guarantee during construction from acceptable guarantor(s),
7. Subject to availability of funds,
8. Compliance with applicable federal requirements,
9. Other conditions as may be determined by staff, and
10. Approval of plans/construction monitoring by a third party acceptable to MFA (i.e. hired by
MFA or the Investor). Costs to be paid by applicant.
2014 Cibola – Primero Development Grant - $125,000 (pending)
2014 Cibola – Primero Pre-development Grant - $75,000 (approved by MFA Board on 5/21/14)
J.L. Gray Company
See Attached Exposure Report Dated 7/1/14
$1,000,000 as of 7/1/14 for USDA pass through funding plus $550,000 MFA match funding
Michael Scott, Program Manager
Felipe Rael, Director of Housing Development
Date
July 8, 2014
Page 2
of 3
Page 3
of 3
2014 PRIMERO LOAN FUND AWARD SUMMARY
Supportive Housing Development Grant Program
Project Name &
Address
Proposed Award
Summary (Grant)
Applicant
Management
Developer &
General Partner
Project Type & Size
Construction Costs
Cibola Apartments
1101 El Camino Real, Socorro, NM – Socorro County
Amount
$125,000
Rate
0%
Term
18 months
Type
Development Grant
Cibola Apartments Limited Partnership is a for-profit, single-asset entity created in 1985 to own
and operate subject property. The general partner (GP) is Cibola Curry Fishburn, LLC, which
owns a 7.0% interest in the partnership. Jack Curry and Scott Fishburn are members of the LLC,
as well as principals of J.L. Gray, which is both the developer and management agent of the
Cibola Apartments. The project was self-syndicated and the ownership structure will remain after
the rehabilitation. The remaining 93% interest is owned by various limited partners.
The J.L. Gray Company, formed in 1985, operates in New Mexico, Arizona, Colorado, Utah and
Texas. It is a fully integrated New Mexico company that acquires, develops, and manages
affordable multi-family rental properties. The corporation operates out of two offices: J.L. Gray
Development office in Las Cruces, and J.L. Gray Management office in Farmington. J.L. Gray
specializes in working with non-profit and for-profit sponsors to develop affordable housing in New
Mexico’s rural communities. The management company currently manages over 100 market rate
and subsidized apartment communities in the southwest.
J.L. Gray Company – the development division in Las Cruces has developed 43 properties with
over 1,400 affordable housing units since 1986. J.L. Gray Company’s audited financial statements
for FYE 12/31/12 show about $2.4MM in assets, high debt-to-worth and good profits Unaudited
statements for FYE 12/31/13 show acceptable financial condition with reduced profit.
General Partners - Cibola Curry Fishburn, LLC. – This is a newly formed LLC and has no other
assets. It is owned by two of the principals of the J.L. Gray Company.
Rehabilitation of 20 rental units (100% low-income)
Total Project
Per Unit
Land acquisition
0
0
22,800
Construction & site
456,000
1,776
Professional Fees
35,520
Financing Costs/Soft Costs/Syndication
48,480
2,424
Construction Cost
$540,000
27,000
90,000
Reserves
4,500
Developer Fee
70,000
3,500
Total Costs
$700,000
$35,000
st
500,000
75,000
125,000
0
$700,000
25,000
3,750
6,250
0
$35,000
st
500,000
75,000
125,000
0
$700,000
25,000
3,750
6,250
0
$35,000
Construction
Sources
Permanent Sources
Project Description
The Cibola Apartments were built in 1986 using funds from the USDA Rural Development 515
loan program. The property is located in the rural community of Socorro and consists of 20
residential units: 6 one-bedroom units, 12 two-bedroom units and 2 three-bedroom units. There
are also laundry and management offices on-site. Eighteen (18) of the units receive USDA Rental
Assistance wherein the tenants pay no more than 30% of their income towards rent. The property
is well located evidenced by schools, medical services, retail and public parks within ¼ to 3 miles
2014 Primero Supportive Housing Development Grant – Cibola Apartments
Page 1
of 3
Set-Aside
of the site.
An existing USDA 515 mortgage became eligible for prepayment in 2006. The current Rental
Assistance agreement expires in December 2014. Because of these two situations, the property
owners have the option to prepay the mortgage and remove the apartments from the affordable
housing stock. This financing will preserve the 20 affordable units below 60% of AMI and keep
the 18 units of Rental Assistance for a minimum of 26.5 years from the signing of the new USDA
Preservation Revolving Loan Fund financing with MFA. This program was created to rehabilitate
and preserve properties financed by USDA under the 514, 515 & 516 loan programs. The funds
will be used to replace all roofs & stairwells along with addressing deferred maintenance and all
health & safety issues. Interior upgrades will include: installation of EnergyStar appliances, HVAC
mechanical systems, repair/replace parking lots and sidewalk, as well as bringing the project up to
ADA standards.
Minimum 15% of units (3 units) set-aside for permanent supportive housing.
Repayment and
Disbursement
Payments: No payments required.
Disbursement: Multiple disbursements upon evidence of costs incurred, not more frequently than
monthly.
Special Conditions
1. Financing commitments acceptable to MFA for all sources prior to closing,
2. Per Affordable Housing Act rules, the project will need to remain affordable for 20 years.
3. Owner will agree to sign a land use restriction agreement (or other alternative mechanism
approved by MFA) enforcing affordability period,
4. Grant is subject to MFA’s final underwriting for project feasibility. The amount may be reduced
is the financing gap is less than expected.
5. If financing on the project, including this grant, does not close on or before- August 1, 2015,
the award may be rescinded at MFA's sole discretion,
6. All funds not expended within 18 months after closing may be rescinded at MFA's sole
discretion, and
Other MFA
Commitments
To This Project
MFA Commitments
to Other Projects
Primero Supportive
Housing Grant
Funds Available
Prepared by
Reviewed by
7. MFA approval of robust social services plan or signed MOU with Local Lead Agency prior to
closing..
2014 Cibola - Preservation Revolving Loan Fund - $500,000
2014 Cibola – Primero Pre-development Grant - $75,000 (approved by MFA Board on 5/21/14)
J.L. Gray Company
See Attached Exposure Report Dated 6/26/14
$125,000 as of 6/1/14
Michael Scott, Program Manager
Date
July 1, 2014
Felipe Rael, Director of Housing Development
Page 2
of 3
Page 3
of 3
Tab 4
Staff Actions Requiring Notice to Board
During the Period of June 1 - 30, 2014
Department and
Program
Project
Action Taken
Comments
Servicing Dept.
3/31/14 Quality Control
Review
Approval of report issued by REDW. No
findings.
Approved by Policy
Committee 6/3/2014
Servicing Dept.
4/30/14 Quality Control
Review
Approval of report issued by REDW. No
findings.
Approved by Policy
Committee 6/3/2014
1
G:\Board Reports\Staff Actions\Staff Actions 2013
MEMORANDUM
To:
MFA Board of Directors
From: Kathy Sysak-Keeler
Date: July 7, 2014
Re:
2014 Series B Bond Pricing Summary
The following is an overview of the 2014 Series B bond sale:
~Structure: The 2014 Series B transaction is a taxable refunding pass through transaction in the
amount of $12,532,570. In the pass through structure, monthly loan revenues are passed through to
the bond investors in the form of principal and interest payments with bonds being called on a
monthly basis. MFA will receive its admin fee on a monthly basis after payment to the bond holders
and the Trustee.
~Marketing: The bonds were marketed to institutional investors. Institutional demand for the issue
was good as it was 2.4 times oversubscribed resulting in an interest rate of 2.75%.
~Use of Bond Proceeds: Bond proceeds were used to partially refund 2004 Series B, 2004 Series C,
2004 Series D and 2004 Series E. Funds from MFA’s General Fund and the 2005 Master Indenture
surplus fund were used to complete the refunding of the 2004 programs. Applicable Mortgage
Backed Securities from the 2004 programs were then brought into MFA’s General Fund and the
2005 Master Indenture surplus fund as investments.
~Benefit to MFA: Since these bonds are taxable, MFA was not restricted to the maximum spread
permitted by federal tax law of 1.125% (Spread is the difference between the mortgage yield and the
bond yield.) The net economic benefit to MFA is estimated to be $1.5 million or as a percentage of
taxable bonds issued 12.1%.
~Investment of Bond Proceeds: A Guaranteed Investment Contract was not bid due to a lack of
providers in the market. Funds will be invested in a money market account with Fidelity Investments
through Zions Bank, the General Indenture Trustee.
Exhibit 1 contains a table summarizing more information about the 2014 Series B bonds along with
the 2014 Series A bonds which were issued in January 2014 and the 2013 Series C bonds which is
provided for information purposes only.
Following Exhibit 1, is a comprehensive in-depth “Post-Sale Analysis” which was prepared by MFA’s
Financial Advisor, CSG Advisors.
Tab 5
New Mexico Mortgage Finance Authority
Combined Financial Statements
and Schedules
May 31, 2014
FINANCIAL REVIEW
For the eight-month period ended May 31, 2014

New issues:
Single Family issue: None
Multi-family issue: None

Payoffs:
This month: Payoff activity increased to $6.3 mm in May in comparison to April at 5.5 mm and March at $8.1 mm. One year ago, in May 2013,
payoffs were $14.5 mm. The last 6 months’ average monthly payoff amount is $7.4 mm.
Trend: Payoffs for FY13 were $189.1 mm, up 15% from FY12’s payoffs of $164.1 mm. Current year payoffs are $63.8 mm, which is (52%) less
than last year at this same time. FY14 annualized payoffs are 13% of the portfolio. From 2009 through 2013, five-year average payoffs were 15% of
five-year average portfolio. Growth in our portfolio of single family loans and MBS has shown a decrease of (8.1%) since the beginning of the fiscal
year eight months ago. (See graph of payoffs.)

Total Assets and Deferred Outflows of Resources: (p. 1)
This month: $1.09 billion shows a slight increase of $2.0 mm primarily related to $3.4 mm in regular principal and interest payments collected offset
by ($1.7) mm of monthly and quarterly single family bond redemptions. Growth in assets year to date (eight months) is (5.5%). We are expecting a
decrease of (9.0%) in assets for the current year due to the continued expectation of relatively high payoff activity as well as the utilization of the
secondary market to fund the Single Family Mortgage Program. In this Single Family Mortgage Program funding execution, MFA does not issue debt
to fund the program but instead the mortgage backed securities are sold to investors. (See graph of total assets and deferred outflows of resources.)

Net Position: (p. 2)
This month: $195.0 mm net position reflects a May loss of $517,000. This is attributed to the ($1.4) mm contribution to the Ventana Fund offset by
SIC fair market value gains of $243,000 and a $200,000 Housing Trust Fund appropriation from the State of New Mexico. (See graph of income.)
Trend: MFA is forecasting a (58%) decrease in net income for the current year, or $3.0 mm compared to last year’s $7.2 mm which included nonrecurring revenue of approx. $3.0 mm which represents an appropriation from the State of New Mexico to the MFA Housing Trust Fund. In addition,
in FY14 MFA has budgeted approx. $525,000 for Single Family Mortgage Program servicing expansion. Although, MFA is not continuing pursuit of
servicing expansion, the Board has given preliminary authorization to evaluate the need for utilization of budgeted resources to solve identified
problems and gain efficiencies, primarily related to obsolete technology, in the Homeownership and Servicing Departments. Our estimates anticipate
continued improvement in the interest rate environment and economy in general providing stability to both production levels and investment yields.
Income year to date (eight months) of $4.8 mm is 121% above target, and (25%) under last year’s year-to-date income. This strong net income
performance is a result of SIC investment portfolio (General Fund and Housing Trust Fund) gains this fiscal year of $1.8 mm as well as $2.0 mm in
positive General Fund/Housing Program budget variances.

General Fund/Housing Program cash & securities (book = cost, except SIC funds are marked to market): $69.3 mm at May 31. Unrealized gain
(loss) on securities as of May 31 (includes the bond ladder and MBS held as General Fund investments): $660,215. SIC gain (loss) year to date as of
May (General Fund Only): $1,390,308. UPDATE: Cash and securities total $68.4 mm at July 3, 2014.

Budget status: The General Fund and Housing Programs ended the eight-month period with expenditures (23%) under budget primarily due to
unspent servicing expansion budgets, low single family bond issuance costs and timing of expenditures.

Comparative year-to-date figures:
►
►
►
►
►
►
►
►
►
►
►
►
►
►
Single family issues:
Multifamily issues:
Payoffs:
Interest spread-Single Family Program (dollars):
Total Assets:
Total bonds outstanding:
Earning assets:
Avg. earning assets:
Excess rev. over exp.:
Return on avg. assets (ann'lzd):
Return on avg. earn assets (ann'lzd):
Net Position:
General Fund expenses :
General Fund revenues:
8 months
5/31/14 YTD
$15.5
$0.0
$63.8
($0.253)
$1,090.8
$876.0
$1,088.7
$1,121.2
$4.812
0.59%
0.59%
$195.0
$6.447
$9.863
8 months **
% Change
Forecast
Actual /
5/31/13 YTD
Year / Year
5/31/14 YTD
Forecast
$26.0
N/A
$15.0
0%
$7.5
N/A
$0.0
0%
$134.0
-52%
$69.3
-8%
($2.129)
-88%
($0.413)
-39%
$1,233.5
-12%
$1,100.9
-1%
$1,023.5
-14%
$890.3
-2%
$1,223.8
-11%
$1,098.2
-1%
$1,233.3
-9%
$1,139.8
-2%
$6.386
-25%
$2.178
121%
0.69%
-15%
0.27%
118%
0.71%
-17%
0.26%
124%
$189.2
3%
$190.7
2%
$5.483
18%
$8.452
-23%
$8.687
14%
$7.730
28%
**Adjusted for retroactive application of GASB 65
Forecast
9/30/14
$15.5
$0.0
$104.0
($0.620)
$1,052.8
$845.7
$1,041.1
$1,097.4
$2.995
0.27%
0.27%
$193.2
$11.856
$11.595
MONTHLY FINANCIAL GRAPHS
Cumulative Assets Under Management as of 9/30/2014
($ in thousands)
3,500,000
Section 8
80,000
$2,927,510
3,000,000
HOME
$2,828,786
$2,715,713
$2,633,330
$2,600,641
60,000
2,500,000
LIHTC
2,000,000
NM Afford Hsg Charitable
Trust
Housing Trust Fund
40,000
1,500,000
GF
1,000,000
MF Bonds & R/S
20,000
500,000
SF Bonds
0
Assets Managed per Employee
Other
0
2010
$1,699,547
Book Assets=
2011
$1,474,121
2012
$1,301,724
2014
$1,091,937
YTD Annualized Payoffs as a Percentage of
Single Family Mortgage Portfolio
as of 09/30/2014
Total Assets & Deferred Outflows Monthly
1,500,000
'12 - '13
1,400,000
2013
$1,157,046
35.00%
30.00%
25.00%
1,300,000
20.00%
15.00%
1,200,000
10.00%
Projected '13-'14
2012-2013
($ thousands)
4.00%
3.50%
2010-2011
2011-2012
09/30/2014
09/30/2013
09/30/2012
09/30/2011
09/30/2010
09/30/2009
09/30/2007
09/30/2008
4.54%
3.00%
2.50%
2.00%
1.50%
2.17%
1.00%
2012-2013
6,386
2010-2011
3,256
Rate of Return Targets 9/30/2014
4.50%
YTD Excess Revenues over Expenses as of
05/31/2014
2011-2012
8,042
9/30/2006
2013-2014
5.00%
8,500
8,000
7,500
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
9/30/2005
9/30/2004
September
0.00%
August
July
June
May
April
March
February
January
December
November
October
1,100,000
1,000,000
5.00%
Proj. '13 - '14
2012-2013
2013-2014
4,812
Target
2013-2014
2,178
0.50%
0.00%
.58%
2013-2014
Target 20132014
Target
2013
2014
Loans Effective yield
4.60%
4.65%
Cash Effective yield
2.75%
2.61%
Rate of Return on Average Earning Assets
0.58%
0.27%
6/16/2014 11:07 AM
COMBINED STATEMENT OF NET POSITION
MAY 31, 2014
(THOUSANDS OF DOLLARS)
ASSETS:
CURRENT ASSETS:
CASH & CASH EQUIVALENTS
SHORT-TERM INVESTMENTS
ACCRUED INTEREST RECEIVABLE
MORTGAGE PAYMENT CLEARING
OTHER CURRENT ASSETS
ADMINISTRATIVE FEES RECEIVABLE (PAYABLE)
INTER-FUND RECEIVABLE (PAYABLE)
TOTAL CURRENT ASSETS
CASH - RESTRICTED
LONG-TERM & RESTRICTED INVESTMENTS
FNMA, GNMA, & FHLMC SECURITIZED MTG. LOANS
MORTGAGE LOANS RECEIVABLE
ALLOWANCE FOR LOAN LOSSES
FIXED ASSETS, NET OF ACCUM. DEPN
OTHER REAL ESTATE OWNED, NET
OTHER NON-CURRENT ASSETS
INTANGIBLE ASSETS
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
REFUNDINGS OF DEBT
YTD 5/31/14
YTD 5/31/13
$22,981
4,379
718
959
29,036
$15,818
15,915
5,207
1,107
1,769
(0)
39,816
69,361
60,091
749,892
182,800
(2,568)
1,133
951
0
74
1,090,770
143,891
51,860
818,766
180,551
(3,679)
1,329
845
0
105
1,233,484
1,167
1,168
1,091,937
1,234,653
11,514
7,019
18,533
15,222
4,997
20,219
BONDS PAYABLE, NET OF UNAMORTIZED DISCOUNT
MORTGAGE & NOTES PAYABLE
ACCRUED ARBITRAGE REBATE
OTHER LIABILITIES
876,040
2,000
80
237
1,023,478
1,500
76
229
TOTAL LIABILITIES
896,890
1,045,503
NET POSITION:
INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT
UNAPPROPRIATED NET POSITION (NOTE 1)
APPROPRIATED NET POSITION (NOTE 1)
TOTAL NET POSITION
(798)
66,300
129,545
195,047
TOTAL ASSETS & DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES AND NET POSITION:
LIABILITIES:
CURRENT LIABILITIES:
ACCRUED INTEREST PAYABLE
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES & NET POSITION
1,091,937
(707)
65,179
124,678
189,150
1,234,653
6/16/2014 11:08 AM
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR THE EIGHT MONTHS ENDED MAY, 2014
(THOUSANDS OF DOLLARS)
YTD 5/31/14
YTD 5/31/13
$28,209
2,184
198
2,909
57
628
216
2
34,404
$31,554
2,919
624
1,390
149
623
262
1
37,522
NON-OPERATING REVENUES:
ARBITRAGE REBATE INCOME (EXPENSE)
GAIN(LOSS) ASSET SALES/DEBT EXTINGUISHMENT
OTHER NON-OPERATING INCOME
GRANT AWARD INCOME
SUBTOTAL NON-OPERATING REVENUES
1,774
15
28,350
30,139
1,296
278
34,477
36,050
TOTAL REVENUES
64,543
73,572
OPERATING EXPENSES:
ADMINISTRATIVE EXPENSES
INTEREST EXPENSE
AMORTIZATION OF BOND/NOTE PREMIUM(DISCOUNT)
PROVISION FOR LOAN LOSSES
MORTGAGE LOAN & BOND INSURANCE
TRUSTEE FEES
AMORT. OF SERV. RIGHTS & DEPRECIATION
AMORTIZATION OF BOND ISSUANCE COSTS
SUBTOTAL OPERATING EXPENSES
4,590
26,941
(2,403)
465
65
162
224
30,044
4,538
32,461
(2,693)
646
78
194
290
35,513
NON-OPERATING EXPENSES:
CAPACITY BUILDING COSTS
GRANT AWARD EXPENSE
SUBTOTAL NON-OPERATING EXPENSES
1,543
28,144
29,686
203
31,470
31,672
TOTAL EXPENSES
59,730
67,186
OPERATING REVENUES:
INTEREST ON LOANS
INTEREST ON INVESTMENTS & SECURITIES
LOAN & COMMITMENT FEES
ADMINISTRATIVE FEE INCOME (EXP)
RTC, RISK SHARING & GUARANTY INCOME
HOUSING PROGRAM INCOME
LOAN SERVICING INCOME
OTHER OPERATING INCOME
SUBTOTAL OPERATING REVENUES
EXCESS REVENUES OVER EXPENSES
OTHER FINANCING SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENSES AND OTHER FINANCING SOURCES(USES)
NET POSITION AT BEGINNING OF YEAR
EFFECT OF ADOPTION OF GASB 65
4,812
-
6,386
-
4,812
188,479
1,756
6,386
181,276
1,488
NET POSITION AT 5/31/2014
195,047
189,150
NOTES TO FINANCIAL STATEMENTS
(For Informational Purposes Only)
(Thousands of Dollars)
(Note 1)
MFA Net Position as of May 31, 2014:
UNAPPROPRIATED NET POSITION:
$+
$
$
40,948
is held by Bond Program Trustees and is pledged to secure repayment of the Bonds.
25,329
23
is held in Trust for the NM Housing Trust Fund and the NM Land Title Trust Fund.
held for New Mexico Affordable Housing Charitable Trust .
$
66,300
Total unappropriated Net Position
APPROPRIATED NET POSITION: GENERAL FUND
By actions of the Board of Directors on various dates, General Fund net assets have been appropriated as follows:
$
82,855
for use in the Housing Opportunity Fund ($63,791 in loans plus $19,064 unfunded, of which $5,636 is
committed).
$
21,099
for future use in Single Family & Multi-Family housing programs.
$
11,497
for loss exposure on Risk Sharing loans.
$
(798)
$
5,386
$
120,039
invested in capital assets, net of related debt.
for the future General Fund Operating Budget Y E 9/30/14 ($11,856 total budget
less $6,470 expended budget through 05/31/14.)
Subtotal - General Fund
APPROPRIATED NET POSITION: HOUSING
By actions of the Board of Directors on December 7, 1999, Housing assets have been appropriated as follows:
$
$
8,708
for use in the federal and state housing programs administered by MFA.
8,708
Subtotal - Housing Program
$
128,747
Total appropriated Net Position
$
195,047
Total combined Net Position at May 31, 2014
Total combined Net Position, or reserves, at May 31, 2014 was $195.0 million, of which $66.3 million was pledged
to the bond programs, Affordable Housing Charitable Trust and fiduciary trusts. $128.7 million of available reserves, with
$69.3 million primarily liquid in the General Fund and in the federal and state Housing programs and $59.4 million illiquid
in the programs of the General Fund, have been
- for use in existing and future programs
- for coverage of loss exposure in existing programs, and
- for support of operations necessary to carry out the programs.
MFA's general plan for bond program reserves as they may become available to MFA over the next 30 years is to
use the reserves for future programs, loss exposure coverage, and operations.
PRO RATA BUDGET YTD @ 5/31/2014
GENERAL FUND & HOUSING PROGRAMS-OPERATING EXPENSES-BUDGET VARIANCE REPORT
ACTUAL FOR THE EIGHT MONTHS ENDED 5/31/14 & ACTUAL TO BUDGET FOR FISCAL YTD
ONE
MONTH
ACTUAL
YEAR TO
DATE
ACTUAL
YEAR TO DATE
PRO RATA
BUDGET
UNDER
(OVER)
BUDGET
ANNUAL
BUDGET
UNEXPENDED
ANNUAL
BUDGET
EXPENDED
ANNUAL BUDGET
PERCENTAGE
REVENUES
INTEREST INCOME
OTHER REVENUE
375,569
814,725
3,286,267
6,576,438
3,531,455
4,198,453
245,188
(2,377,985)
5,297,182
6,297,680
2,010,915
(278,758)
62.04%
104.43%
TOTAL REVENUES
1,190,294
9,862,705
7,729,908
(2,132,797)
11,594,862
1,732,157
85.06%
451,088
17,621
42,196
88,308
599,214
3,427,904
164,505
372,383
603,178
4,567,970
3,790,003
224,337
400,973
900,881
5,316,195
362,099
59,832
28,590
297,703
748,225
5,728,780
336,506
601,460
1,351,322
8,018,068
2,300,876
172,001
229,077
748,144
3,450,098
59.84%
48.89%
61.91%
44.64%
56.97%
NON-OPERATING EXPENSES:
TOTAL NON-OPERATING EXPENSES
1,429,369
1,542,754
1,934,331
391,577
2,035,761
493,007
75.78%
TOTAL OPERATING & NONOPERATING EXPENSES
2,028,583
6,110,725
7,250,526
1,139,801
10,053,829
3,943,104
60.78%
8,816
29,879
143,567
113,688
215,350
185,471
13.87%
2,037,399
6,140,604
7,394,093
1,253,489
10,269,179
4,128,575
59.80%
40,931
616,354
542,691
814,036
197,682
75.72%
2,078,331
6,756,958
7,936,784
1,179,826
11,083,215
4,326,257
60.97%
515,333
802,563
773,000
1,060,229
-37.16%
8,452,117
1,982,389
11,856,215
5,386,487
54.57%
OPERATING EXPENSES
COMPENSATION
TRAVEL & PUB. INFO.
OFFICE EXPENSES
OTHER OPER. EXP.
TOTAL OPERATING EXPENSES
SERVICING & CAPITAL OUTLAY
TOTAL OPERATING, NON-OPERATING
EXPENSES & SERV. & CAPITAL OUTLAY
NON-CASH ITEMS
TOTAL OPER., NON-OPER. EXP., SERV.
& CAPITAL OUTLAY & NON-CASH ITEMS
OFSU
TOTAL EXPENSES & OFSU
EXCESS REVENUE OVER EXPENSES
PLUS CAPITALIZED ASSETS:
(6,866)
2,071,465
(881,171)
(287,229)
6,469,728
3,392,976
22,645
EXCESS REVENUE OVER EXPENSES
PLUS CAPITALIZED ASSETS:
3,415,621
(722,209)
(73,663)
(4,115,185)
23%
(261,353)
(3,654,329)
-1298.24%
TBA ACTIVITY AND RESULT SUMMARY AS OF July 3, 2014
(Includes HERO and Mortgage$aver Programs)
CUMULATIVE PIPELINE AS OF July 3, 2014
(represents pipeline since December 2012)
Ginnie
Pipeline
Total Number of Loans
Total Loans Cancelled
Total Loans Pooled
Fannie
Pipeline
256
213
651
Total Loans Pending
Total Loans Cancelled
Total Loans Settled
Total TBA Pipeline
30
10
39
$ 31,166,555
25,203,633
82,211,252
$ 138,581,440
$ 3,884,508
1,296,774
5,046,367
$ 10,227,649
SETTLEMENT HISTORY
Ginnie Pipeline
Settlement
Date
Number
of Loans
Issue
Balance
Fannie Pipeline
Fees as a % of
TBA Settlement
Transaction
Fees ($)
2/12/2013
7 $ 1,074,625
2.7254%
$
29,287.68
3/14/2013
10 $ 1,526,701
2.6887%
$
41,048.66
5/14/2013
17 $ 2,641,564
1.1474%
$
30,310.52
6/17/2013
7 $
987,458
2.3886%
$
23,586.53
7/17/2013
12 $ 2,013,142
2.2338%
$
44,969.68
8/15/2013
11 $ 1,913,198
1.1443%
$
21,893.22
9/19/2013
102 $ 12,959,055
0.7798%
$ 101,048.95
10/17/2013
86 $ 10,702,565
2.4029%
$ 257,166.84
11/19/2013
70 $ 8,202,932
3.1306%
$ 256,799.63
12/17/2013
28 $ 3,395,807
3.6241%
$ 123,068.04
1/16/2014
17 $ 2,082,698
2.7089%
$
56,418.49
2/18/2014
64 $ 8,012,104
1.9710%
$ 157,915.78
3/18/2014
36 $ 4,291,783
3.3569%
$ 144,072.61
4/17/2014
64 $ 7,919,096
4.1106%
$ 325,524.13
5/19/2014
50 $ 6,331,616
4.3058%
$ 272,628.47
6/18/2014*
70 $ 8,156,908
n/a
n/a
Subtotal
581 $ 74,054,344
2.5464%
$ 1,885,739.23
Less: Hedge
Advisor Fee
$
(56,055.77)
Less: Service
Release Fees
$
(35,168.60)
Total
581 $ 74,054,344
2.4232%
$ 1,794,514.86
*Not included in Subtotal or Total since information is incomplete.
Settlement
Date
Number
of Loans
Issue
Balance
Fees as a % of
TBA Settlement
1/9/2014
2/11/2014
3/11/2014
4/8/2014
5/8/2014
6/10/2014*
5
6
8
4
10
6
$ 560,529
$ 942,893
$ 964,141
$ 535,877
$ 1,351,671
$ 691,256
Subtotal
Less: Hedge
Advisor Fee
Less: Service
Release Fees
Total
33 $ 4,355,111
4.49%
1.86%
1.90%
1.88%
1.85%
Transaction
Fees ($)
$
$
$
$
$
25,159.76
17,490.86
18,318.77
10,096.85
25,046.94
n/a
2.2069% $
96,113
n/a
$
$
2.0096% $
33 $ 4,355,111
(8,594.13)
87,519.05
POTENTIAL MBS SETTLEMENT VOLUME BY MONTH
Ginnie Pipeline
Settlement
Month
July
August
September
NOTE:
Number
of Loans
Issue
Balance
56 $ 7,005,565
101 $ 11,919,163
100 $ 12,241,827
Fannie Pipeline
Estimated %
Gain/(Loss)
Settlement
Month
2.64421
2.26605
2.37158
July
August
September
October
Number
of Loans
Issue
Balance
9
8
11
2
$
$
$
$
Estimated %
Gain/(Loss)
1,164,571
1,034,402
1,341,360
344,175
The $30 million, 2013 Series C bond issue's estimated net economic benefit on a present value basis is estimated to be $355,024 which is 1.2%
of the bond principal amount.
The $15 million, 2014 Series A bond issue's estimated net economic benefit on a present value basis is estimated to be $232,624 which is 1.6%
of the bond principal amount.
SINGLE FAMILY PIPELINE SALES (Does not include HERO)
Sale Date
Original Total
Dollar
Amount
per Month**
Sale Date
8/2014
9/2014
12/2014
1/2014
$ 31,994,530
10,168,885
9,631,138
10,830,669
2/2014
3/2014
4/2014
5/2014
Original Total
Dollar
Amount
per Month**
$
6,902,516
13,506,180
12,523,170
11,313,772
Sale Date
Original Total
Dollar
Amount
per Month**
6/2014
$ 13,655,444
**Initial amount that was pledged to TBA. Does not reflect any cancellations after the initial sale date.
T:\Board\Electronic Files\2014\July\July 2014 Board TBA Activity Report.xlsx
1.38135
1.80212
1.91651
1.98340
June 11 – July 10, 2014
MEDIA COVERAGE
June
Journal of Tax Credits
Focus On: Roswell, NM
6-4
Silver City Daily Press
County looks to address, fix homeless problem
6-6
ABQ Business First
Housing is key to unlocking more projects
6-8
Hobbs News-Sun
Park Place Apartments officially open in Hobbs
6-22
Artesia Daily Press
First-time home buyers
6-25
Gallup Independent
Housing boom looms for Zuni
7-6
Artesia Daily Press
Declare your independence from the landlord
PRESS RELEASES, NOTICES and LENDER MEMOS
6-10
Tribal Update
6-23
Summit Invitation
6-27
Tribal Update
7-3
Lender Memo
7-9
Tribal Update
7-9
Lender Memo
Interest rate adjustment
Interest rate adjustment
NM0082
Publication Date: 06/04/2014 Page Number: 08
Title:
Author:
By BARRON JONES Rio Grande Sun
Size:
56.26 square inch
Silver City, NM Circulation: 8972
County looks to address, fix
homeless problem
By BARRON JONES
Rio Grande Sun
ESPAÑOLA Rio
Arriba County officials
are looking to establish
an affordable housing
ordinance that will make
it much easier for the
county to work with
nonprofits to meet the
area's housing needs.
The Rio Arriba
County Commission
voted unanimously, at a
special meeting May 14,
to give County Health
and Human Service
Director Lauren Reichelt
permission to seek public
input for a potential
housing ordinance.
The ordinance, once it
is established, will enable
the county to collaborate
with nonprofits to meet
he area's lowcost
ousing needs.
Reichelt said she
rst realized the area
eeded an affordable
ousing ordinance years
go, when she noticed
hat clients were failing
o meet their Medicaid
eferrals.
She said that is
hen she learned most
eferrals were using her
ffice address because
n address is required
or many of the services
County: Grant
366512_06-04_08002.pdf
edicaid provides.
"That made me take a
igger look at our failed
eferrals," Reichelt said.
I learned that 80 percent
f our failed referrals
ere people who were
jumping from couch to
ouch, at that time in the
alley. We didn't think
e had a problem with
omelessness since we
ake care of our own."
Reichelt said the
problem with couch
surfing is that it creates
nconsistencies that were
ausing problems for
he county's health care
ystem.
After taking her
concerns to the Health
Council, all parties
agreed that affordable
housing should be their
top priority. She said
this impetus led to a
couple of failed attempts
to establish homeless
shelters in the area.
"We would come
up with a place for a
homeless shelter and
everybody would come
out of the woodwork and
say, 'This is a terrible
idea. Get out of our
community,'" Reichelt
said.
Since establishing a
homeless shelter was
out of the question,
the county partnered
with Santa Fe Trust, a
nonprofit organization
that specializes in low
cost housing.
"They don't build
homeless shelters, but
(rather) these very
beautiful multiincome
apartment
buildings,"
she said.
But Reichelt said
before the trust could
operate in Rio Arriba,
a few things had to be
done. To comply with
guidelines set out by
the U.S. Department
of Housing and Urban
Development, the county
had to conduct a $30,000
affordable housing
study.
New Mexico
Mortgage Finance
Authority granted the
county $15,000 to help
pay for the study, which
the county matched with
the remaining $15,000.
Housing consultant
Daniel
Werwath
presented the plan at a
joint city/county meeting
May 7. The plan will
serve as a blueprint for
the county's housing
needs.
"The plan would
serve as a road map for
communities to better
utilize resources and
identify problem areas,"
he said. "It provides
detailed data about the
city and county's housing
needs, your incomes."
The plan is based on
the state's Affordable
Housing Act and it
examined everything
from homeless to senior
housing.
He said projects like the
Trust housing provides a
safe environment for one
of the county's fastest
growing population
sector single mothers.
He reminded the room
full of policymakers
that working on the
county's housing issues
will improve the overall
quality of life for county
residents.
"Building affordable
housing isn't going to
get poor people to come
to Española," Werwath
said.
"The poor people
going to Española is just
a matter of whether or not
you're prepared to help
Page: 1
NM0082
Title:
Author:
By BARRON JONES Rio Grande Sun
Size:
56.26 square inch
Silver City, NM Circulation: 8972
them better themselves
and not end up on the
streets."
Reichelt said the
trust housing projects
are designed to ward off
criminal activity.
"There are no blind
areas so drugs can't be
dealt on the premises
without being seen," she
said. "They are very safe
and wonderful beautiful
facilities.
County Planning
and Zoning Director
Christopher Madrid told
the County Commission
and City Council that
once County Attorney
Ted Trujillo approves the
county's version of the
ordinance he will send
it to the city's attorney
so he can draft a similar
version for Española.
"A lot of attorneys
won't tell you this, they
just go lift the law from
somewhere else," he
said with a smile. "We
just went and lifted the
Las Vegas ordinance and
worked it."
County: Grant
366512_06-04_08002.pdf
Page: 2
From the Albuquerque Business First
:http://www.bizjournals.com/albuquerque/print-edition/2014/06/06/housing-is-key-to-unlockingmore-projects.html
Real Estate
Housing is key to unlocking more projects
Courtesy of Geltmore Group
Downtown’s Imperial Building will have living units and a 12,000-square-foot grocery store.
Tax credits related to affordable housing made the project is possible. The project is expected to
be completed in 2015.
Damon Scott
Reporter- Albuquerque Business First
Email | Twitter
The recent $67 million award of low-income tax credits for multifamily projects across the state
and in Albuquerque are just the latest round in what has become a significant catalyst for projects
that otherwise would likely not see the light of day.
Big, privately funded apartment projects have, by and large, been scarce across the city, with the
notable exception of Titan Development’s highly successful Broadstone projects with Phoenix’s
Alliance Residential.
The New Mexico Mortgage Finance Authority-administered tax credits got additional attention
this year due to the funding of the Imperial Building, which will bring a long-awaited grocery
store to Downtown next year.
The MFA awards all have one thing in common — an affordable housing component — a
federal incentive for developers to build or rehabilitate existing apartments.
The Imperial Building will have 74 mixed-income residential units in all, and the total of the
latest round of awards are 342 new units and the rehabilitation of 112 existing ones. Projects are
located from Hobbs to Roswell to the Zuni Indian Reservation. The MFA says the construction
activity alone will result in $24 million in income, 363 jobs in the first year and 140 permanent
jobs.
According to Felipe Rael, the MFA’s director of housing development, the process begins with
about $5 million the program receives each year. The funds are then dispersed to housing project
developers who then sell the credits to investors in order to generate the needed project capital.
The MFA also provides millions in gap financing.
To qualify for the tax credits, units must be set aside for households with incomes at or below 60
percent of area median income, or $37,740 per year for a family of four in Albuquerque.
Twenty-one developers from 14 New Mexico cities applied for tax credits in this year’s round.
“These are mixed-income and mixed-use projects that might not have gone forward otherwise,”
Rael said, concurring that privately funded projects are scarce, in part because of a lack of
increased rents, income growth and bank appetite for such developments. Rael has been at the
MFA for six years, having previously worked on the lending side at Bank of America and Fannie
Mae and Freddie Mac.
“The biggest threat to the program would be tax reform — if there was big movement on tax
reform in Congress. But it receives a lot of bipartisan support right now. It is pointed to as being
a success in affordable housing creation,” Rael said.
Tax credit recipients are selected in a competitive process based on 25 scoring criteria that
include affordability, design, energy efficiency and availability of support and social services for
residents.
The MFA was created in 1975 by the New Mexico Legislature, while the federal low-income tax
credit program began in 1986.
Workforce Housing
The MFA definition of workforce housing, often referred to as mixed-income, is owner-occupied
or rental for which there is a direct and demonstrable link between the availability of such
housing and the ability of the locality to attract or retain essential service providers or those
workers who are required to maintain and/or develop a viable local economy. For the MFA this
includes nurses, first responders, teachers, police and fire department workers.
505.348.8315 | [email protected]
Commercial/residential real estate, retail, restaurants
Hobbs NewsSun
NM0082
Title:
Author:
DENISE MARQUEZ NEWSSUN
Size:
40.61 square inch
Hobbs, NM Circulation: 11074
DENISE MARQUEZ
NEWSSUN
From 50 percent occupied to
100 percent occupied, one may
say the Casa Hermosa apart
ment complex renovation proj
ect is a success.
A grand opening was held
Tuesday at the new renovated
complex now called Park Place
Apartments, located at 920 E.
Michigan.
Carlsbad, Calif.based
Chelsea Investments and Lea
County Housing Inc. have
rehabilitated 88 units at Park
Place, which Matt Grosz, proj
ect manager for Chelsea, said
is one of the most major proj
ects the company has taken on.
"Every single one of these
units have benefited from
$80,000, which is from a
groundup construction," he
said. "The renovation was sub
stantial. Every single one of
these structures were stripped
down. It was the most substan
tial renovation that Chelsea
has ever been a part of."
Grosz said the renovation
project was possible due to a 9
County: Lea
362290_06-08_2002.pdf
percent tax credit from the
New Mexico Mortgage
Finance Authority.
MFA, which administers the
federal lowincome housing
tax credit program, receives
about $5 million in tax credits
annually, which it disperses to
housing project developers.
Developers then sell the cred
its to investors, generating the
cash necessary to develop the
projects. Tax credits are
claimed over a 10year period.
"Affordable housing relies a
lot on financing partners,"
Grosz said. "The strongest
partner that we worked with
was the MFA, which provided
nearly $9 million in tax credits
and a $600,000 home loan,
which combined, accounted
for 83 percent of the total
finance expenses for the proj
ect."
The apartments are available
for 40, 50 and 60 percent area
median income individuals
and families. The apartments
are onetwoandthreebed
room units. There are also 18
supportive housing units
available for special needs
Mayor Sam Cobb he hopes
applicants. The rents is set so
city officials and staff can con
that no one pays more than 30
tinue to help bring in more
percent of their gross family
affordable housing.
income according to the
"I'm a fortunate person," he
income bracket they are in.
said. "I grew up at a period of
According to Chelsea time where we had great men
Investments representatives, tors. They had philosophy
the company has more than about leaving the community
6,500 units on the ground and better than they found it. It
of those 1,000 are rehabilita gave me a vision of what I
wanted to do as part of my
tion projects like Park Place.
Grosz said taxpayers in the service as mayor, which is
community will benefit from hopefully leave the community
better than I found it."
the affordable housing.
"Every month the residents "With the support of the com
at Park Place will save approx mission and city staff that we
imately $35,000 in rent pay have we're working on a strate
gy to do that," Cobb continued.
ments that would have other
"One of the most important
wise gone to a private property
things in a community is for
owner," he said. "Over the
course of a year that number someone to have safe and
is $432,000 and over the course affordable housing. A commu
of a 45year affordability peri nity that doesn't have that I
od, which this property is think that for us to look at any
restricted to, that number other activity in our communi
jumps over to $19 million in ty we're short of our mark
rent payments. That money before we even start."
will either be reinvested in the For more information on Park
community or saved by the res Place apartments call 3972195.
idents."
Page: 1
Artesia Daily Press
NM0082
Title:
Firsttime home buyers
Author:
By Scott Takacs
Size:
49.91 square inch
Artesia, NM Circulation: 3800
Firsttime home buyers
Real Estate
Repartee
By Scott Takacs
"Live as if you were living a
second time, and as though
you had acted wrongly the
first time." Viktor E. Frankl
The question of how the
market is performing is one
that comes up often in my
conversations. It's good here.
Obviously, our economy is
different from the rest of the
country. Oil has made all as
pects of our economic com
munity buoyant. Nationally,
however, this isn't true – not
everywhere.
Over the past several
months, the real estate market
has been defined by a series of
stops and starts. Just when it
seems that the market is
poised for a full blown recov
ery, there will be a new report
or a new series of data that
shows that the market is re
covering, but at a very slow
pace.
In the past, whenever the
real estate market needed a
jumpstart, it would turn to a
new set of buyers from the
firsttime homebuyer pool.
With everything that has hap
pened in the lending world
over the past ten years, new
lending programs won't be
coming anytime soon. With
no new programs in place, the
market has remained sluggish
and won't see a full recovery
until firsttime homebuyers
come back in full force.
County: Eddy
361117_06-22_08004.pdf
volume and prices may be up
in certain parts of the country,
but eventually, without a
strong influence of firsttime
homebuyers, even the hottest
markets will run out of buy
ers. Programs aimed at attract
ing these buyers have recently
changed their guidelines,
making them much more dif
ficult to obtain. A few lenders
have lowered their credit
score requirements, but to off
set that they either increased
rates or added increased asset
requirements or documenta
tion. These same lenders are
ings and made getting ap
tempted by the boom of buy
proved for a loan much more
ers that come along when the
difficult.
In addition to increased market is in full swing.
debts, prospects of finding
Remember the pain of the
stable employment in other
previous five years? The obvi
parts of the country is much
less likely in the current em ous solution is to find a com
ployment landscape – further mon ground somewhere in the
increasing the chances that re middle where new buyers can
cent graduates and young put less money down, but be
adults will rent for the fore held to restrictive application
seeable future. If there is not standards to offer lender pro
enough demand, prices will tection. Whether and when
suffer and home prices will these programs are in the
fall accordingly. To date, this works is anyone's guess, but
has been a less than successful what is not arguable is that
spring selling season for many without a strong presence of
sellers and the lack of first firsttime homebuyers the real
time homebuyers has greatly estate market will not truly re
contributed to this.
bound.
Every individual real estate
The national real estate mar
market is different, but some
ket is certainly headed in the
national trends hold true re
gardless of location. Sales right direction, but it needs the
Historically, the buying pool
is made up of buyers selling
and trading up, buyers down
sizing or firsttime homebuy
ers. There has still been some
activity with buyers moving in
one direction or another, but
the firsttime homebuyer seg
ment has taken the biggest hit
and had the most impact.
These buyers are primarily
made up of recent college
graduates and young adults.
With more college students
carrying debt, it has increased
debt obligation, lowered sav
little push that an influx of
firsttime homebuyers would
provide. This may come from
a change in lender guidelines
or an increase in employment
confidence. Without firsttime
buyers leading the way, the
future looks like a series of
stops and starts without really
going anywhere.
In Artesia, there are first
time purchaser programs that
are designed to help get peo
ple into homes. The USDA
Rural Development and Mort
gage Finance Authority
(MFA) have great loan pro
grams and downpayment as
sistance for just this purpose.
A realtor will have the infor
mation and contacts you need
to get started if you're in the
position of trying to buy your
first home.
(EDITOR'S NOTE: Scott
Takacs is the owner/qualify
ing broker of Scott Takacs
Real Estate. Contact him at
scott@stre.com.)
Page: 1
Gallup Independent
NM0082
County: Mckinley
366932_06-25_2002.pdf
Title:
Housing boom looms for Zuni
Author:
By Vida Volkert Staff writer eastnavajo@gallu pindependent.com
Size:
7.90 square inch
Gallup, NM
Circulation: 12536
Page: 1
Artesia Daily Press
NM0082
Title:
Declare your independence from the landlord
Author:
By Scott Takacs
Size:
46.03 square inch
Artesia, NM Circulation: 3800
Declare your independence
from the landlord
Real Estate
Repartee
By Scott Takacs
"Emancipate yourselves
from mental slavery, none but
ourselves can free our minds!"
Bob Marley
Would you agree with this
point? Many people who are
renting would rather be living
in their own home. The dream
of homeownership runs deep
in our history and our culture.
However, many who are rent
ing don't aspire to owning a
home, either because they be
lieve they cannot qualify or,
that it will be much more ex
pensive. Both are often not true.
There are many factors to
ponder when considering a
move from tenant to owner.
There are usually some upfront
costs to buying and it will re
quire some planning and saving
before embarking. Start saving
money now. No matter the loan
program, you will want to have
some funds laid by when buy
ing a new home. You must be
able to qualify for a mortgage
and that, too, may require some
work on your part to achieve.
How long do you plan to be
in the community? If you know
you're likely to move in a year
or two, then it might not be the
best time to buy a home. What
County: Eddy
361117_07-06_08001.pdf
are interest rates at the time you it is still within reach to buy a commission for the loans they
begin the process? Higher rates home for most people who rent. close. Realtors get paid com
may mean less house for the
mission on houses they close.
payment you can afford.
Sellers don't get paid until their
The first step is to find out if
As for the perceived barriers, you can qualify and, if not, house sells. It is in the best in
most see them as permanent what must you do to get quali terest of all of them to get you
and insurmountable Nothing fied. I can't tell you how many in the club. So go ask. You
could be farther from the truth. people I have encountered who might be surprised at the an
There are many programs to as will not take this first step be swer, but you will at least know
sist home buyers, it's foolish cause they fear the answer is where you are and what needs
not to at least take the first step. no. The answer is rarely a deci to be done.
USDA and VA loans are zero sive and final "no." It often is I hope your Fourth was great.
downpayment loans for those "not now" but is usually ac I hope now you will turn your
who qualify. The New Mexico companied by advice on how to mind toward your own inde
Mortgage Finance Authority get to "yes." In order to declare pendence. Home ownership is
still part of the American
(MFA) has down payment as your independence from rental dream. Grab ahold of it! It will
sistance programs to help with purgatory, you must take this take a little courage and some
the upfront costs. Both organi first and crucial step.
effort, but I believe with all my
zations offer credit counseling One thing many who stand being that it is worth it.
to those who may not be able to on the outside of homeowner
qualify because of credit issues. ship looking in believe is that (EDITOR'S NOTE: Scott
Takacs is the owner/qualifying
the entire industry of real estate
broker of Scott Takacs Real
If you decide to make your
– lenders, banks, realtors and
Estate. Contact him at
own Declaration of Independ
sellers – are stacked against
ence, you will find, in our com them. They feel that the process scott@stre.com.)
munity, that owning is very
of buying a home is an exclu
often less expensive than rent
sive club that seeks to keep
ing for a similar size and style nonmembers out. The truth is
of home. The robust economy
that the entire "club" wants you
in Artesia and SE New Mexico
to join and participate.
has caused a shortage of rental
property. That has driven up
All of the players involved
rents. While our housing mar
earn their living by getting to
ket is also experiencing a short
age of supply and rising prices, answer to "yes." Most mort
gage loan officers are paid on
Page: 1
June 10, 2014
Summit Early Registration ends June 30th!!
Below is the schedule for the Tribal Housing
Workshops but go to Website there is so much
MORE!
http://local.housingnm.org/housingsummit/2014/
Summit Indian Track Schedule
Wednesday August 22 1:30 – 3:00 PM Concurrent Breakout Sessions
W5 USDA Housing Programs: Making Government-to-Government Work
Moderator Tedd Buelow, USDA; Mike Chavez, Executive Director, Zuni Housing Authority; Marvin Ginn, Native Community Finance, Al
Heller, Housing Program Loan Specialist; New Mexico Rural Development; Cedric Lupee, Program Coordinator, Zuni Housing Authority
This session explores how government housing programs can be packaged and used together to create a bigger return on investment.
The panel speaks from firsthand knowledge about how to package the 502 Direct Home Loan and the 504 Loan. Zuni’s self-help
housing program is also on the session agenda as well as a discussion about the new Guaranteed Rural Housing Single Close
construction loan…can it compete with Section 184 Loan Guarantee Program?
Wednesday August 22 3:30 – 5:00PM Concurrent Breakout Sessions
W17 Tribally Designated Housing Entities (TDHE) Innovation: How Did They Do
That?
Isaac Perez, Executive Director, San Felipe Pueblo Housing Authority; Mike Chavez, Executive Director, Zuni Housing Authority;
Tomasita Duran, Executive Director, Ohkay Owingeh Housing Authority; Shawn Evans, Associate, Atkin Olshin Schade Architects;
Francisco Simbana, Executive Director, Santa Clara Pueblo Authority
New Mexico tribal housing entities are nationally recognized for the innovative ways in which they are creating much-needed housing
on tribal lands. Come hear about how Santa Clara created 36 units of rental housing with Program Income and how Ohkay Owingeh
overcame the ownership challenge to rebuild their plaza. Representatives from Zuni will also discuss Low Income Housing Tax Credits
and how to build a force account workforce.
Thursday August 23 10:05 to 11:30 AM Concurrent Breakout Sessions
T5 BIA Lease and Mortgage Processing Updates: A Primer
Andrea Dunyon, Lead GM Specialist and Loan Guarantee Coordinator, Southwest Office of Native American Programs, HUD; Michael
Anspach, Acting Realty Officer SW Region, BIA; Marilyn Begay, Supervisory Realty Specialist, Land Title and Records Office; Florene
Calabaza, Acting Director, Land Title and Records Office
Lenders and Tribally Designated Housing Entities staff report continued improvements in the mortgage process. Let’s all chart the
pathway together.
Thursday August 23 12:30 to 1:55 PM Concurrent Breakout Sessions
T18 Section 184 Loan Guarantee Program: Processing Changes From the Experts
Eric Schmieder, Tribal Housing Program Manager, MFA; Darkfeather Ancheta, Lender, 1st Tribal Lending; Nancy Bainbridge, Senior
Vice President, Bank2, Native American Home Lending; Deanna Lucero, Senior Underwriter, Office of Native American Programs,
HUD; Tabb Par, Senior Home Mortgage Consultant, Native American Initiatives Group, Wells Fargo Home Mortgage
This is the place to be to get all the updates on the Section 184 Loan Guarantee Program. Topics include fee increased to 1.5 percent,
new issues with down payment assistance and the complete rewriting of the 184 Chapter V Underwriting.
T31 Manufactured Housing on Indian Land: An Affordable Option, But What About
Financing?
Mark Fogarty, Editor at Large, National Mortgage News; Marvin Ginn, Executive Director, Native Community Finance; Renee Konski,
1st Tribal Lending; Deanna Lucero, Senior Underwriter, Office of Native American Planning, HUD; Todd Van Berg, General Manager of
Homes Direct Albuquerque
Chattel lenders still prevail despite 80 percent rejection rates for Native Americans and interest rates over 10 percent. How can we
break through with Section 184 and other programs? Are refinances possible to take tribal homeowners out of chattel loans and into a
184 or other product?
T44 CE Class for REALTORS® and Brokers: Section 184 Indian Loan Guarantee
Program
Eric Schmieder, Tribal Housing Program Manager, MFA
Learn the basics of home mortgages on the 10 percent of New Mexico that is reservation land. Section 184 is the most affordable
mortgage product out there, and it is now available off-reservation in all of the state. Hear about how to build a client base with this
product, the importance of partnering with the Tribally Designated Housing Authority and how to assist tribal members off-reservation
with the Section 184 program. This class is approved for two hours of continuing education for REALTORS® and brokers, and is also
helpful for TDHE staff. NOTE: This session is scheduled from 4 to 6 pm.
Zuni Self Help Ribbon Cutting June 18, 2014
USDA/Zuni Housing Authority will celebrate the completion of the first 3 Self Help Homes at
Blue Bird Subdivision on June 18, 2014, as part of Homeownership
Month. Congratulations. All are welcome.
Section 533 Housing Preservation Grant Funds
Nonprofits, state or local governments, and tribes can submit pre-applications by July 28 for
Housing Preservation Grants. Contact a USDA RD state office for details and a pre-application
package.
MFA 344 4th St SW, Albuquerque, NM, United States Albuquerque, NM 87102 USA
http://housingnm.org
Copyright © 2014 MFA, All rights reserved.
from internal database
June 27, 2014
Summit Early Registration is extended to July 18
But Register NOW
Zuni Self Help Housing Ribbon Cutting
June 18, 2014
USDA/Zuni Housing Authority celebrated the completion of the first 3 Self Help Homes at Blue
Bird Subdivision on June 18, 2014, as part of Home-ownership Month.
Views from Bluebird and New Home!
Had to send this one.
Rural Housing Administrator Tony Hernandez, Mike Chavez,
and proud new homeowner Reyanna Nastacio
New Offices at Zuni Housing
Entry to new ZHA office. Mike Chavez and A. J. Yazzie at Navajo HA have the
only automatic glass door entries in the TDHE realm of NM.
(Tomasita at Ohkay Owingeh has a new office but you open the door
the old fashioned way)
Acoma Housing Fair a Great Success
Acoma Housing Authority packed the auditorium for their Housing Fair on Friday June
20th. Even the Vendors were over-flowing
Great booths, entertainment, food, and information!!
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New Mexico Mortgage Finance Authority 344 4th Street SW, Albuquerque, NM 87102
tel. 505.843.6880 toll free 800.444.6880 housingnm.org
TO:
All Eligible and Participating Lenders
FROM: Erik Nore, Director of Homeownership
DATE: July 3, 2014
RE:

Memo No. 14-20
Interest Rate Adjustment Mortgage$aver Zero Government, All
Conventional and HERO Programs
Interest Rate Adjustment
In order to react to changing market conditions, MFA is increasing the interest
rate on the Mortgage$aver Zero Government, all Conventional and HERO
programs, as follows:
Mortgage$aver–Gov’t
Mortgage$aver–Conv.
Mortgage$aver Zero–Gov’t
Mortgage$aver Zero–Conv.
Mortgage$aver Plus–Gov’t
Mortgage$aver Plus–Conv.
HERO
Current Interest Rate
3.750%
4.250%
4.000%
4.625%
4.750%
5.250%
New Interest Rate
4.500%
4.750%
No change
4.375%
4.250%
4.750%
No change
5.375%
The interest rate adjustment is effective as of 9:00 am on July 3, 2014.
Thank you for participating in MFA’s program. Should you have any questions,
please contact an MFA Homeownership Representative.
July 9, 2014
Native America Calling
Friday July 11
11 AM to Noon MDT on KUNM or your local Indian/public station Some NM
practitioners should be on the air!!
Or go to http://www.nativeamericacalling.com/nac_listen.shtml
Friday, July 11, 2014 - Housing Solutions
Families across Native America need affordable housing. In many communities, there
aren't enough homes available for everyone who needs one. In this hour of Native
America Calling, we want to hear your ideas for addressing housing in your area. Why do
you think there aren't enough houses to go around? What do you think would make
homes more affordable? Have you seen an inspiring idea that you think could work in your
community? Is your tribe or village using a creative solution to address housing needs?
Where should we look for the next innovations in housing?
Summit Early Registration is extended to July
18
But Register NOW!
NHA Prevails in Court
Navajo Housing Authority wins judgment against HUD
HUD must repay funding recaptured in 2008
By Noel Lyn Smith The Daily Times
Updated: 07/07/2014 08:32:08 PM MDT
FARMINGTON — A federal judge in Colorado has ruled that the federal government unlawfully
reduced housing funding to the Navajo Housing Authority by millions of dollars.
Senior District Judge Richard Matsch ruled on June 30 that the U.S. Department of Housing and Urban
Development must restore approximately $6.2 million in funding to the Indian Housing Block Grant
program.
A request for comment from NHA about the ruling was not answered by press time on Monday.
The Indian Housing Block Grant program provides money for a range of affordable housing activities on
reservations and is authorized under the Native American Housing Assistance and Self-Determination
Act.
The NHA filed the civil complaint in April 2008 against the federal housing department and then HUD
Secretary Alphonso Jackson.
Also named in the lawsuit was then HUD General Deputy Assistant Secretary Paula Blunt, who managed
the Office of Public and Indian Housing, and Deborah Lalancette, then director of the Office of Grants
Management — Office of Native American Programs.
HUD is authorized by Congress with the responsibility of administering Native American Housing
Assitance and Self-Determination Act funding.
The Navajo Nation Council established NHA in 1963 as the tribally designated housing entity and
authorized it to administer federal financial assistance.
The 2008 complaint stated that HUD made an unlawful reduction of funding issued under the Act to NHA.
According to court documents, NHA claimed HUD violated the Act by reducing the number of housing
units counted for the calculation of the tribal housing entity's share of the annual Indian Housing Block
Grant and then tried to take back funding issued in previous years.
In January 2008, HUD informed NHA that it received approximately $6.2 million in grant overfunding from
fiscal years 1998 to 2006, according to court documents.
The letter proposed that NHA repay the amounts through a deduction of its fiscal year 2008 funding but
NHA refused to voluntarily repay.
As a result of noncompliance, HUD reduced the fiscal year 2008 amount by approximately $6.2 million
and did not provide any form of hearing before implementing the action.
"HUD had no authority to recapture grant funds that it had already awarded to Navajo without following
the procedures required by the pre-amendment version of (the Act)," the June 30 ruling stated.
The court ordered that HUD "restore" the $6.2 million to NHA within 30 days of the judgment.
Noel Lyn Smith covers the Navajo Nation for The Daily Times. She can be reached at 505-564-4636.
[email protected] Follow her @nsmithdt on Twitter.
But Remembering the largest radioactive spill in U.S. history
By Trip Jennings, New Mexico In Depth | Jul 07, 2014 02:22 pm
July 16 will mark 35 years to the day in 1979 when a dam on the Navajo Nation near
Church Rock, N.M., broke, releasing 94 million gallons of radioactive waste into the
Puerco River, which flowed through nearby communities.
Read the full article »
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New Mexico Mortgage Finance Authority 344 4th Street SW, Albuquerque, NM 87102
tel. 505.843.6880 toll free 800.444.6880 housingnm.org
TO:
All Eligible and Participating Lenders
FROM: Erik Nore, Director of Homeownership
DATE: July 9, 2014
RE:

Memo No. 14-21
In order to provide MFA borrowers with the most affordable financing options, MFA
is decreasing the interest rate on the Mortgage$aver Zero Conventional and
Mortgage$aver Plus Conventional programs, as follows:
Mortgage$aver–Gov’t
Mortgage$aver–Conv.
Mortgage$aver Zero–Gov’t
Mortgage$aver Zero–Conv.
Mortgage$aver Plus–Gov’t
Mortgage$aver Plus–Conv.
HERO
Current Interest Rate
3.750%
4.375%
4.250%
4.750%
4.750%
5.375%
New Interest Rate
No change
No change
No change
4.625%
No change
5.250%
4.750%
No change
The interest rate adjustment is effective as of 9:00 am on July 9, 2014.
Thank you for participating in MFA’s program. Should you have any questions,
please contact an MFA Homeownership Representative.

new mexico mortgage finance authority

Transcription

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