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New Mexico
Building aby building
MFA provided $189.2 million in mortgage loans and $7.4 million in down payment assistance to approximately 1,400 homebuyers, all of whom received pre-purchase counseling.
Economic Impact: According to the REALTORS® Association of New Mexico estimates, MFA loans added $32.2 million to the New Mexico economy based on $23,000 for each home sale.
MFA processed $28.1 million in project-based Section 8 rental assistance payments for 5,297 apartments occupied by low-income families throughout New Mexico.
MFA provided $82.4 million in financing to construct or rehabilitate 900 affordable rental and for-sale homes, including 194 units already in the pipeline.
Economic Impact: According to the National Association of Home Builders, construction activity from these homes is estimated to support 790 jobs, $52.6 million in local income and nearly $5 million in local government general revenue.
MFA funded $6.9 million to rehabilitate and improve energy efficiency for 1,191 homes.
Economic Impact: According to the National Association of Home Builders, construction activity from rehabilitation and energy-efficiency improvements is estimated to support 30 jobs, $3.3 million in local income and more than $200,000 in local government general revenue.
MFA funded $1.3 million in shelter and transitional housing costs for 7,747 individuals experiencing homelessness.
MFA provided $577,000 in rental assistance to prevent homelessness for 549 individuals.
MFA provided $1.3 million in rental assistance and related services for 429 individuals with special needs.
families economy
communities
neighborhoods
workforce 2015Annua lRepo r t
2015 Board of Directors
Dennis R. Burt, ChairBurt & Company CPAs
Angel Reyes, Vice ChairCentinel Bank
Steven J. Smith, TreasurerR.O.G. Enterprises
John A. SánchezLieutenant Governor
Hector BalderasAttorney General
Tim EichenbergState Treasurer
Randy McMillanNAI First Valley Realty
2015 Legislative Oversight Committee
Representative Alonzo Baldonado (R) Chair
Senator Nancy Rodriguez (D)Vice Chair
Senator Lee S. Cotter (R)
Representative George Dodge, Jr. (D)
Representative Kelly K. Fajardo (R)
Representative Bealquin Bill Gomez (D)
Representative Roberto “Bobby” J. Gonzales (D)
Representative Jimmie C. Hall (R)
Senator Stuart Ingle (R)
Representative James Roger Madalena (D)
Senator Richard C. Martinez (D)
Senator Cisco McSorley (D)
Senator Bill B. O’Neill (D)
Senator Gerald Ortiz y Pino (D)
Senator Michael Padilla (D)
Senator Sander Rue (R)
MFA Executive Team
Jay CzarExecutive Director
Isidoro "Izzy" HernandezDeputy Director of Programs
Gina HickmanDeputy Director of Finance and Administration
Editors
Leann KempCommunications Manager
Monica AbeitaSenior Policy and Program Advisor
344 4th Street SW, Albuquerque, NM 87102505.843.6880 800.444.6880
housingnm.org
. . . s t r o n g e rs t r o n g e r
ensuring afutures t r o n g e r
In 2015, MFA provided more than $317 million in low-interest financing and grants for affordable
housing and related services in New Mexico. The agency also managed $2.5 billion in assets.
The following table is a condensed summary of changes in net position for the years ended September 30, 2015 and 2014 (in thousands):
Statement of Revenues, Expensesand Changes in Net Position
2015 2014(restated*)
Operating revenues: Interest on loans and MBS $ 36,962 41,600
Interest on securities and investments 2,781 3,110
Program revenues 926 1,237
Net increase (decrease) in fair value of investments** (326) 2,795
Loan and commitment fees 348 198
Administrative fees 5,286 5,031
Other revenues (602) 1,449
Total operating revenues 45,375 55,420
Operating expenses: Interest expense 30,174 35,137
Administrative fees and other expenses 11,174 10,834
Total operating expenses 41,348 45,971
Operating income 4,027 9,449
Nonoperating revenues (expenses): Grant award income 44,050 42,228
Grant award expense (44,050) (42,228)
State appropriations 500 200
Land title trust contributions 22 11
Total nonoperating revenues 522 211
Change in net position 4,549 9,660
Total net position, beginning of year 241,549 231,889
Total net position, end of year $ 246,098 241,549
Cash and cash equivalents (unrestricted and restricted) $ 67,707 71,689Investments (unrestricted and restricted) 62,572 62,316Mortgage-backed securities and mortgage loans receivable 870,148 935,630Total assets 1,007,430 1,077,430Bonds payable 737,956 812,561Total liabilities 762,487 836,812Total net position 246,098 241,549Total operating revenues 45,375 55,420Total operating expenses 41,348 45,971Operating income (loss) 4,027 9,449Total nonoperating revenues 522 211Change in net position 4,549 9,660
Financial HighlightsMFA’s overall financial position and results of operations for the current and most recent prior year are presented below (in thousands):
2015 2014(restated*)
The following table is a condensed summary of net position at September 30, 2015 and 2014 (in thousands):
2015 2014(restated*)
Assets: Current assets $ 55,658 50,889 Noncurrent assets 951,772 1,026,171
Total assets 1,007,430 1,077,060
Deferred outflows of resources: Unamortized loss on refunding 1,155 1,301
Total deferred outflows of resources 1,155 1,301
Liabilities: Current liabilities 34,749 36,123 Noncurrent liabilities 727,738 800,689
Total liabilities 762,487 836,812
Net position: Invested in capital assets, net of related debt 1,003 (681) Restricted 79,466 83,872 Restricted for land title trust and housing trust 26,631 25,881 Unrestricted 138,998 132,477
Total net position $ 246,098 241,549
Financial Position
* Restated to include escrow deposits and reserves.
** MFA is subject to GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. These asset valuation adjustments do not represent operating expenses.
Experts agree that as the housing market goes, so goes the economy. At MFA, we know firsthand that a strong housing market is good for New Mexico. Consider: • Housing construction builds our workforce. • Home buying contributes to the economy. • Reducing homelessness strengthens communities. • Stable housing creates stable families.
In this annual report you will see the ways MFA helped build a stronger New Mexico in 2015. Here are some highlights: • Generated more than 800 jobs through housing construction and rehabilitation activity. • Added more than $32.2 million to the economy through home sales. • Prevented homelessness for more than 500 individuals. • Provided stable housing for 8,725 families through rental assistance.
Of course we can only accomplish what we do because of our outstanding partners. The developers, lenders, nonprofit organizations and property owners and managers we work with on a daily basis are the people who turn MFA’s vision into reality for thousands of New Mexicans. We are exceedingly grateful to each and every one of them.
As we look into 2016, we see that there is still much work to be done. But together we will continue to build a stronger economy, stronger families and a stronger New Mexico.
Sincerely,
Dennis Burt, Chair, MFA Board of Directors
Jay Czar, Executive Director, MFA
by building
MFA provided $189.2 million in mortgage loans and $7.4 million in down payment assistance to approximately 1,400 homebuyers, all of whom received pre-purchase counseling.
Economic Impact: According to the REALTORS® Association of New Mexico estimates, MFA loans added $32.2 million to the New Mexico economy based on $23,000 for each home sale.
MFA processed $28.1 million in project-based Section 8 rental assistance payments for 5,297 apartments occupied by low-income families throughout New Mexico.
MFA provided $82.4 million in financing to construct or rehabilitate 900 affordable rental and for-sale homes, including 194 units already in the pipeline.
Economic Impact: According to the National Association of Home Builders, construction activity from these homes is estimated to support 790 jobs, $52.6 million in local income and nearly $5 million in local government general revenue.
MFA funded $6.9 million to rehabilitate and improve energy efficiency for 1,191 homes.
Economic Impact: According to the National Association of Home Builders, construction activity from rehabilitation and energy-efficiency improvements is estimated to support 30 jobs, $3.3 million in local income and more than $200,000 in local government general revenue.
MFA funded $1.3 million in shelter and transitional housing costs for 7,747 individuals experiencing homelessness.
MFA provided $577,000 in rental assistance to prevent homelessness for 549 individuals.
MFA provided $1.3 million in rental assistance and related services for 429 individuals with special needs.
families economy
communities
neighborhoods
workforce
. . . s t r o n g e r
ensuring afutures t r o n g e r
In 2015, MFA provided more than $317 million in low-interest financing and grants for affordable
housing and related services in New Mexico. The agency also managed $2.5 billion in assets.
The following table is a condensed summary of changes in net position for the years ended September 30, 2015 and 2014 (in thousands):
Statement of Revenues, Expensesand Changes in Net Position
2015 2014(restated*)
Operating revenues: Interest on loans and MBS $ 36,962 41,600
Interest on securities and investments 2,781 3,110
Program revenues 926 1,237
Net increase (decrease) in fair value of investments** (326) 2,795
Loan and commitment fees 348 198
Administrative fees 5,286 5,031
Other revenues (602) 1,449
Total operating revenues 45,375 55,420
Operating expenses: Interest expense 30,174 35,137
Administrative fees and other expenses 11,174 10,834
Total operating expenses 41,348 45,971
Operating income 4,027 9,449
Nonoperating revenues (expenses): Grant award income 44,050 42,228
Grant award expense (44,050) (42,228)
State appropriations 500 200
Land title trust contributions 22 11
Total nonoperating revenues 522 211
Change in net position 4,549 9,660
Total net position, beginning of year 241,549 231,889
Total net position, end of year $ 246,098 241,549
Cash and cash equivalents (unrestricted and restricted) $ 67,707 71,689Investments (unrestricted and restricted) 62,572 62,316Mortgage-backed securities and mortgage loans receivable 870,148 935,630Total assets 1,007,430 1,077,430Bonds payable 737,956 812,561Total liabilities 762,487 836,812Total net position 246,098 241,549Total operating revenues 45,375 55,420Total operating expenses 41,348 45,971Operating income (loss) 4,027 9,449Total nonoperating revenues 522 211Change in net position 4,549 9,660
Financial HighlightsMFA’s overall financial position and results of operations for the current and most recent prior year are presented below (in thousands):
2015 2014(restated*)
The following table is a condensed summary of net position at September 30, 2015 and 2014 (in thousands):
2015 2014(restated*)
Assets: Current assets $ 55,658 50,889 Noncurrent assets 951,772 1,026,171
Total assets 1,007,430 1,077,060
Deferred outflows of resources: Unamortized loss on refunding 1,155 1,301
Total deferred outflows of resources 1,155 1,301
Liabilities: Current liabilities 34,749 36,123 Noncurrent liabilities 727,738 800,689
Total liabilities 762,487 836,812
Net position: Invested in capital assets, net of related debt 1,003 (681) Restricted 79,466 83,872 Restricted for land title trust and housing trust 26,631 25,881 Unrestricted 138,998 132,477
Total net position $ 246,098 241,549
Financial Position
* Restated to include escrow deposits and reserves.
** MFA is subject to GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. These asset valuation adjustments do not represent operating expenses.
Experts agree that as the housing market goes, so goes the economy. At MFA, we know firsthand that a strong housing market is good for New Mexico. Consider: • Housing construction builds our workforce. • Home buying contributes to the economy. • Reducing homelessness strengthens communities. • Stable housing creates stable families.
In this annual report you will see the ways MFA helped build a stronger New Mexico in 2015. Here are some highlights: • Generated more than 800 jobs through housing construction and rehabilitation activity. • Added more than $32.2 million to the economy through home sales. • Prevented homelessness for more than 500 individuals. • Provided stable housing for 8,725 families through rental assistance.
Of course we can only accomplish what we do because of our outstanding partners. The developers, lenders, nonprofit organizations and property owners and managers we work with on a daily basis are the people who turn MFA’s vision into reality for thousands of New Mexicans. We are exceedingly grateful to each and every one of them.
As we look into 2016, we see that there is still much work to be done. But together we will continue to build a stronger economy, stronger families and a stronger New Mexico.
Sincerely,
Dennis Burt, Chair, MFA Board of Directors
Jay Czar, Executive Director, MFA
New Mexico
Building aby building
MFA provided $189.2 million in mortgage loans and $7.4 million in down payment assistance to approximately 1,400 homebuyers, all of whom received pre-purchase counseling.
Economic Impact: According to the REALTORS® Association of New Mexico estimates, MFA loans added $32.2 million to the New Mexico economy based on $23,000 for each home sale.
MFA processed $28.1 million in project-based Section 8 rental assistance payments for 5,297 apartments occupied by low-income families throughout New Mexico.
MFA provided $82.4 million in financing to construct or rehabilitate 900 affordable rental and for-sale homes, including 194 units already in the pipeline.
Economic Impact: According to the National Association of Home Builders, construction activity from these homes is estimated to support 790 jobs, $52.6 million in local income and nearly $5 million in local government general revenue.
MFA funded $6.9 million to rehabilitate and improve energy efficiency for 1,191 homes.
Economic Impact: According to the National Association of Home Builders, construction activity from rehabilitation and energy-efficiency improvements is estimated to support 30 jobs, $3.3 million in local income and more than $200,000 in local government general revenue.
MFA funded $1.3 million in shelter and transitional housing costs for 7,747 individuals experiencing homelessness.
MFA provided $577,000 in rental assistance to prevent homelessness for 549 individuals.
MFA provided $1.3 million in rental assistance and related services for 429 individuals with special needs.
families economy
communities
neighborhoods
workforce 2015Annua lRepo r t
2015 Board of Directors
Dennis R. Burt, ChairBurt & Company CPAs
Angel Reyes, Vice ChairCentinel Bank
Steven J. Smith, TreasurerR.O.G. Enterprises
John A. SánchezLieutenant Governor
Hector BalderasAttorney General
Tim EichenbergState Treasurer
Randy McMillanNAI First Valley Realty
2015 Legislative Oversight Committee
Representative Alonzo Baldonado (R) Chair
Senator Nancy Rodriguez (D)Vice Chair
Senator Lee S. Cotter (R)
Representative George Dodge, Jr. (D)
Representative Kelly K. Fajardo (R)
Representative Bealquin Bill Gomez (D)
Representative Roberto “Bobby” J. Gonzales (D)
Representative Jimmie C. Hall (R)
Senator Stuart Ingle (R)
Representative James Roger Madalena (D)
Senator Richard C. Martinez (D)
Senator Cisco McSorley (D)
Senator Bill B. O’Neill (D)
Senator Gerald Ortiz y Pino (D)
Senator Michael Padilla (D)
Senator Sander Rue (R)
MFA Executive Team
Jay CzarExecutive Director
Isidoro "Izzy" HernandezDeputy Director of Programs
Gina HickmanDeputy Director of Finance and Administration
Editors
Leann KempCommunications Manager
Monica AbeitaSenior Policy and Program Advisor
344 4th Street SW, Albuquerque, NM 87102505.843.6880 800.444.6880
housingnm.org
. . . s t r o n g e rs t r o n g e r
