New Mexico Affordable Housing Tax Credit Program

Established through state legislation in 2005, the New Mexico Affordable Housing Tax Credit Program provides state tax credits to any individual, tribal government, housing authority, corporation, limited liability company, partnership, joint venture, syndicate, association or nonprofit organization that provide donations to Affordable Housing Projects approved by the New Mexico Mortgage Finance Authority (MFA). The state offers credits on income taxes, gross receipts taxes and compensating taxes (excluding local option gross receipts tax imposed by a municipality or county, or the government gross receipts tax) to any eligible individual, business, or tribal government that donates land, buildings, materials, cash or services for an Affordable Housing Project approved by MFA. In addition, MFA is authorized to issue vouchers for donations made directly to the New Mexico Affordable Housing Charitable Trust (Charitable Trust). The credit is equal to 50 percent of the value of the donation.