How LIHTC Projects Actually Get Built: Rural New Mexico Case Studies | Housing New Mexico

In the second session of Taos Housing Partnership's speaker series, Housing New Mexico (formerly the Mortgage Finance Authority) CEO Izzy Hernandez and senior director of policy and planning Robin Powell walk through how affordable rental housing actually gets financed and built in rural New Mexico, using real local case studies. Robin explains the Low-Income Housing Tax Credit (LIHTC) program, which produces roughly 90% of all affordable housing in the country, and breaks down real projects including Vista de Socorro, which weathered pandemic-era market shifts and rising material and labor costs. She details the "financing cheeseburger" behind a typical deal, often eight or more layered funding sources, along with amenities, compliance requirements that can last 30-40 years, and why soft costs sometimes climb far more than developers expect. An extended audience Q&A digs into local government's potential role as investor, syndicator, or property owner, waitlists for unfunded but qualified projects, and what other Housing New Mexico programs (there are 40 in total) might fit smaller or non-tax-credit projects. Angel Reyes, President of Centinel Bank and longtime chairman of Housing New Mexico's board, closes with reflections on what makes projects succeed: strong public-private partnerships, committed capital, and well-organized local teams. TAOS HOUSING PARTNERSHIP Website: https://www.taoshousingpartnership.org Facebook:   / taoshousingpartnership   Instagram:   / taos_housing_partnership   CHAPTERS 0:00 Welcome & introductions 2:12 Thanking Housing New Mexico's early support 3:49 Izzy Hernandez introduces Housing New Mexico 6:01 From Mortgage Finance Authority to 40 programs 8:06 Introducing Robin Powell 8:28