Incentives Directory

MFA Mortgage Booster Program

AGENCY: Mortgage Finance Authority (MFA)
DESCRIPTION: MFA’s Mortgage Booster Program is a second mortgage product that provides down payment and closing cost assistance to borrowers who qualify for MFA’s Mortgage $aver loan.
ELIGIBILITY: Mortgage Booster is a loan designed to serve low-to-moderate income first-time homebuyers who don’t have adequate resources for a down payment and/or closing costs. Residences financed can include single family detached homes, town homes, condominiums, homes in planned unit developments, and permanently attached manufactured homes.
STRUCTURE:
• The loan is repaid over 30 years with an interest rate applied.
• This loan is repaid along with your mortgage with a single payment every month.
• Mortgage Booster is available through a statewide network of participating lenders at http://www.housingnm.org/myHome/Homebuyer/lender.asp.
• Your lender will coordinate everything directly with MFA so you do not have to fill our two applications.
QUALIFICATIONS/CRITERIA:
• You must be able to qualify for MFA’s Mortgage $aver Program to take advantage of this program.
• Current gross annual household income may not exceed the following:

Household Size (persons): 1 or 2

Albuquerque MSA (Bernalillo, Sandoval, & Valencia Counties)
$53,200  $61,180
Santa Fe & Los Alamos Counties
$58,200  $66,930
All areas of the state
$46,200  $53,130
• For Mortgage Booster, current gross annual household income may not exceed $74,480 for Albuquerque MSA (Bernalillo, Sandoval, and Valencia Counties), $81,480 for Santa Fe MSA (Santa Fe and Los Alamos), and $64,680 for all other areas of the state.
• For more information contact one of the Homeownership Reps: MFA Main: (505) 843-6880 or visit the website http://www.housingnm.org/.
• Visit the MFA’s homepage at http://www.housingnm.org/ or call (505) 843-6880 (800) 444-6880 (Toll free in New Mexico). 

Category: State Incentives, Grants & Loans

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AGENCY: Cibola Communities Economic Development Foundation DESCRIPTION: A variety of incentives offered to encourage economic development in Cibola County. PROGRAM/LOAN STRUCTURE: Financial assistance is provided through gap financing and small business loans. QUALIFICATION CRITERIA/COMMENTS: • Available to qualified manufacturing and processing businesses located or willing to locate in Cibol... Learn More
AGENCY: Energy, Minerals, and Natural Resources Department DESCRIPTION: To encourage the growth of and investment in renewable sources of energy, the state of New Mexico allows a certain amount of credit for those eligible against their corporate income tax. ELIGIBILITY: A person is eligible for the Renewabl... Learn More
AGENCY: Taxation and Revenue Department ELIGIBILITY: Any taxpayer that is a qualified research and development small business is eligible. The costs of a qualified research and development business are eligible for this tax credit. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: Credit may be taken against gross receipts tax... Learn More
AGENCY: Enchantment Land Certified Development Company (ELCDC) DESCRIPTION: The ELCDC provides free, personalized pre-loan and post-loan advice and training to borrowers. ELIGIBLE USES: The fund’s training and technical services include, but are not limited to: • Small Businesses: • Developing business plans; • Financial planning and analysis; • Completing the Loa... Learn More
AGENCY: Enchantment Land Certified Development Company (ELCDC) DESCRIPTION: The SBA 504 Program provides “economic development financing specifically designed to stimulate private sector investment in long-term fixed assets to increase productivity, create new jobs, and increase the local tax base”. ELIGIBILITY: • Typical candidates for 504 Loans are businesse... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: CAPLines are revolving lines of credit which allow a borrower to obtain funds as needed from a pre-approved credit account. The general formula is up to 80% of accounts receivable no older than 90 days and 50% of saleable inventory... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The Delta program provides financial and technical assistance to defense dependent small businesses adversely affected by defense reductions. The goal of the program is to assist businesses to diversify in the commercial market while remaining part of the defense industria... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Designed to provide short-term working capital to exporters. ELIGIBLE USES: • Proceeds can be used • To purchase land or buildings, to cover new construction as well as expansion or conversion of existing facilities; • To acquire equipment, machinery, furniture, fixtures, supplies, ormaterials; • Fo... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Assistance to eligible small businesses in an industry (1) engaged or preparing to engage in international trade or (2) adversely affected by import competition. ELIGIBLE USES: The proceeds of a SBA International Trade loan may be used to acquire, construct, renovate... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Often referred to as the 7(a) Program. Guarantees loans made by lenders to small businesses. The lender may sell the guaranteed portion into the secondary market or retain the asset. ELIGIBLE USES: • Includes the purchase of fixed assets or inventory; leasehol... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Pollution Control Loans are 7(a) Loans with a special purpose of pollution control. The program is designed to provide financing to eligible small businesses for the planning, design, or installation of a pollution control facility. This facility must prevent, reduce... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The SBA offers guaranteed loans to employee trusts either to (1) help finance the growth of its employer’s small business or (2) to purchase ownership or voting control of the employer. ELIGIBLE USES: • The SBA requires that the trust be sponsore... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: Through the 8(a) Program, small businesses owned by socially and economically disadvantaged persons may obtain federal government contracts and other assistance in developing their business. ELIGIBLE USE: • The SBA acts as a prime contractor and enters into all types of federa... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: SCORE is a volunteer program sponsored by the SBA. The program matches volunteers with small business owners who need advice. ELIGIBLE USES: • In-depth counseling and training in a variety of subjects is provided to existing businesses, including: • Identification of basic managemen... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: The Small Business Innovation Research Program provides an opportunity for small technology-based firms to compete for federal research and development contracts. ELIGIBLE USE: • Phase I: Exploration of the technical merit or feasibility of an idea or technology. • Phase II: Research an... Learn More
AGENCY: Small Business Administration (SBA) DESCRIPTION: SBIC's are privately-owned and operated investment companies licensed by the SBA to provide equity, venture capital and/or loans to small businesses and minority-owned businesses. ELIGIBLE USE: • The SBIC must provide equity capital to small businesses. • The SBIC may loan money t... Learn More
AGENCY: Taxation and Revenue Department DESCRIPTION: As of the 2006 Legislature, a 10% tax credit on the installation and purchase of solar thermal and photovoltaic systems in a residence, business, or agricultural enterprise in New Mexico is allowed; the desire is to encourage the use an... Learn More
DESCRIPTION: The Space Alliance Technology Outreach Program provides a free service designed to speed the transfer of space technology to the private sector by assisting small businesses facing technical challenges. ELIGIBILITY: Businesses include but are not limited to consumer goods, technology, manufacturing, distribution, safety and protection... Learn More
AGENCY: Los Alamos National Laboratory, Phillips Laboratory, Sandia National Laboratory and University of New Mexico (UNM) DESCRIPTION: Technology transfer is now a mission of all Department of Energy Laboratories. The labs and UNM have expressed their eagerness and ability to develop cooperative agreements with industry. ELIGIBLE USES: &bull... Learn More
DESCRIPTION: TVC is incorporated as a non-profit company in New Mexico to support start-up and expanding technology-based companies. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: The operating concept of TVC is to: • Develop linkages between investment sources such as venture capital funds and entrepreneurs,or start-up and expanding companies; &bull... Learn More
AGENCY: North Central New Mexico Economic Development District (NCNMEDD) DESCRIPTION: The Tri-County Regional Revolving Loan Fund is an incentive implemented to assist counties impacted by program changes experienced by Los Alamos National Laboratory (LANL). ELIGIBLE USE: • The types of organizations and projects that may be finance... Learn More
AGENCY: UNM Bureau of Business and Economic Research (BBER), University of New Mexico DESCRIPTION: Provides research and information services for businesses and economic development organizations. BBER maintains a socioeconomic data bank and serves as a repository for U.S. Census Bureau data. ELIGIBLE USES: • Types of data availabl... Learn More
AGENCY: Utility Companies DESCRIPTION: Because a healthy business environment is important to utility companies, most have business development specialists on staff. ELIGIBLE USES: • Most utility companies provide rate incentives to their industrial users. • In addition, most utility companies provide referrals to: • Sources of financing and incentives; • Informatio... Learn More
AGENCY: Department of Veterans Affairs (VA) DESCRIPTION: Assists eligible veterans to purchase single-family homes by guaranteeing a lender's mortgage against loss. Each qualified veteran receives a certificate of eligibility which provides a maximum entitlement. ELIGIBLE USES: VA-guaranteed financing may be used to buy a home, townhouse, o... Learn More
DESCRIPTION: Venture capital is a source of private capital. ELIGIBLE USE: • Fund raising technique. • Generally requires the exchange of equity in return for funding. • Generally requires a high rate of return on investment (20% per annum). • Typical investment ranges from $500,000 to many millions of dollars. &bull... Learn More
AGENCY: National Minority Suppliers Development Council (NMSDC) or Small Business Administration (SBA) DESCRIPTION: The primary objective of the National Minority Supplier Development Council is to provide a direct link between corporate America and minority-owned businesses. The Minority and Women-Owned Business Vendor-Partner Program facilitates the process o... Learn More
DESCRIPTION: WESST is a non-profit organization whose purpose is to help create economic security by reducing the risks of starting and owning a business. ELIGIBLE USES: • WESST will assist a business owner in: • Assessing new business ideas; • Determining financialoptions; • Pricing products and services; • Developing market research; &bull... Learn More
DESCRIPTION: A legal structure for employee ownership of a business. ELIGIBLE USE: • A worker cooperative will credit members with a portion of net earnings and use the funds as tax-free money to finance growth. PROGRAM/LOAN STRUCTURE: • Maximum Program Benefits: • Net earnings are shared with workers based o... Learn More
AGENCY: Albuquerque Technical Vocational Institute (TVI) DESCRIPTION: The Workforce Training Center provides innovative, customized training, skill development, and business consulting of the highest quality in order to foster and enhance economic development in New Mexico. The Workforce Training Center at TVI is dedicated to helping businesses... Learn More
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