Land Title Trust Fund (Single Family)
Purpose:
This Act creates the Land Title Trust Fund (the “Fund”). The Act provides that certain title company escrow funds may be placed in interest-earning accounts; the interest earned is to be remitted to the Fund . The Fund will be used to finance loans or grants that will provide housing for low-income persons (household income not more than 80% of median), and other uses as shown below. (Note - real estate brokers,and escrow closing agents subject to the Low Income Housing Trust Act may also place escrow funds in interest-earning accounts as described below.)
The Mechanics:
1. Title company, real estate broker or escrow closing agent places escrow funds in special interest-earning accounts.
2. Financial institution remits the interest from these special accounts to the Fund at least quarterly, pursuant to MFA rules (or, title company may choose to remit). For more information on how to participate, contact Laura Thompson at (505) 843-6880 (Main) or (505) 767-2235 (Direct) utilizing the following forms:
Instructions for Financial Institutions
3. Trustee (MFA) oversees the deposits, investments and disbursements of the Fund pursuant to the Act and the rules.
Use of Money:
Eligible activities:
Loans or grants to eligible organizations to provide housing for low-income persons;
Funds to provide scholarships for New Mexico high school graduates/GED recipients at NM public post-secondary institutions under a program to be administered by a nonprofit statewide land title association.
Eligible organizations:
501(c)(3) non-profits whose primary purpose is to provide affordable housing;
Units of state or local government dealing with housing;
Local or regional housing authority or a tribal agency dealing with housing.
Application Rounds:
Quarterly application rounds with submission deadlines the second Friday of January, April, July and October. Funding requests must be submitted the standardized application form with a checklist (see NOFA below). Applications will be reviewed for completeness and scoring. If acceptable they will be passed on to the LTTF Advisory Committee and subsequently to the MFA Board of Directors. If applications are not complete, or if they are otherwise unacceptable, they will be returned to the Applicant for completion or with a rejection notice. A minimum score of 75 points must be achieved for a project to be funded. No applicant may access more than 30% of available funds.
Available funds were allocated during 3rd quarter 2010. When additional funds are available, a notice will be posted on this site.
Forms and Reference Materials
NOFA and Application Guidelines
Single Family Design Standards (applicable to all programs)
Participating NM Title Companies June 2010 with breakdown by County
Program Contact
Daniel Puccetti
Program Manager, Housing Development
Main: (505) 843-6880
Direct: (505) 767-2251
Toll free in New Mexico: (800) 444-6880
