The New Mexico Mortgage Finance Authority, the quasi-governmental entity that provides financing to low- and moderate-income state residents, has rebranded as Housing New Mexico.
Executive Director and CEO Isidoro Hernandez noted the entity was not officially or legally changing its name, noting the rebrand reflects the evolution of the agency.
“When New Mexico Mortgage Finance Authority was created by the state legislature in 1975, its focus was mortgage assistance for low-income households,” said Hernandez. “We have grown into so much more, as far as the programs and services we provide, and ‘Housing New Mexico’ is more reflective of our diverse suite of services and makes a strong statement. The new logo should help New Mexicans understand our role in their community better, and we look forward to continued outreach and education about Housing New Mexico for years to come.”
Hernandez added, “We are still New Mexico Mortgage Finance Authority. As the state’s housing authority, our vision is that all New Mexicans will have quality, affordable housing opportunities, and ‘Housing New Mexico’ truly encompasses what we work toward every day.”
The rebrand follows a new report from the agency that found New Mexico’s homeownership rate is 70.9%. And while New Mexico’s median household income is $58,722 and 43.2% of households earn less than $50,000 annually, the median home sale price increased 53% (from $200,000 to $306,000) between 2018 and 2022, with the currently median sale price at $353,000 (a 9.2% increase from 2023).
As for rental housing, median monthly gross rent in 2022 was $966, an increase of 7.7% from 2021 and an increase of 16.7% in 2018. The report also found 43.9% of renters and 28.4% of homeowners in New Mexico are cost-burdened while the number of homeless individuals in the state increased by 50% from 2022 to 2023.
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