Primero Loan Program

New Mexico Mortgage Finance Authority's Primero Loan Program is a flexible, low cost loan program created to finance the development of affordable rental or special needs residential facilities that would be considered "high risk" by traditional lenders. The purpose of the program is to leverage other public and private funds and to expand the housing development capacity of New Mexico's nonprofit, tribal and public agency housing providers. Funding may be approved for specific housing developments or for programs to be operated by agencies to meet local housing needs. Owner-occupied projects of any size maybe financed under this program, during any stage of the development process. Public and tribal agencies, for-profit and nonprofit sponsors are all eligible. The maximum loan amount is $1 million, and availability of funds varies. Priority initiatives currently include: tribal housing, colonias housing, rehabilitation of homes occupied or soon-to-be occupied by income-eligible homeowners, and manufactured housing.