1. 11/12/2015 New Mexico Mortgage Finance Authority 1 MFA 2016 Qualified Allocation Plan and Application Workshop November 12, 2015

2. Presentation Overview Page Tax Credit Program Overview 3 2016 Qualified Allocation Plan Review 18 Application Process 54 What Makes a Successful Application 67 11/12/2015 New Mexico Mortgage Finance Authority 2

3. 11/12/2015 New Mexico Mortgage Finance Authority 3 TAX CREDIT PROGRAM OVERVIEW

4. Housing Priorities Increase the supply of decent, affordable rental housing; Expand housing opportunities and access for individuals with special needs; Expand the supply of housing and services to assist the homeless; and Preserve the State’s existing affordable housing stock. 11/12/2015 New Mexico Mortgage Finance Authority 4

5. 11/12/2015 New Mexico Mortgage Finance Authority 5 Background LIHTC Program created by Tax Reform Act of 1986 as an incentive for individuals/ corporations to invest in the construction or rehabilitation of low income housing. The Tax Credit provides a dollar-for-dollar reduction in personal or corporate federal income tax liability for a 10 year period.

6. Internal Revenue Code §42 IRC §42 sets forth the requirements and process for the Tax Credit program. §42(m) states the housing credit agency must make Tax Credit allocations pursuant to a Qualified Allocation Plan, which:  Sets forth project selection criteria;  Gives preference to those serving lowest income tenants for the longest period of time;  Provides a procedure for monitoring compliance 11/12/2015 New Mexico Mortgage Finance Authority 6

7. 11/12/2015 New Mexico Mortgage Finance Authority 7 Background, continued Credit Ceiling: $2.35 per capita allocation + any returned or unused credits + any National Pool credits – forward allocations MFA allocated $6.267mm in 2015 MFA will allocate about $5mm in 2016 Tax Credits are the deepest Federal Subsidy that funds up to 70% of total development cost

8. 11/12/2015 New Mexico Mortgage Finance Authority 8 Affordable Use  Minimum set aside: 20% of units for tenants earning no more than 50% of median income (20/50 election) - Requires that all restricted units be at 50% AMI or below to be eligible for credits OR 40% of units for tenants earning no more than 60% of median income (40/60 election) This election is irrevocable.  Use restriction for 30 years required (income and rent limits)

9. Applicable Fraction The percentage of the Project that is dedicated to Low Income use Employee units excluded from calculation 11/12/2015 New Mexico Mortgage Finance Authority 9 Applicable Fraction Calculation: Smaller of Percentage of Low-Income Floor Space and Percentage of Low-Income Units Floor Space Fraction Unit Fraction Total Residential Rental Floor Space79,200Total Units72 Low-Income Units Floor Space66,000 Low-Income Units58 Percent Low-Income83.33% Percent Low- Income80.56% Applicable Fraction: 80.56%

10. Eligible Basis 11/12/2015 New Mexico Mortgage Finance Authority 10 The sum of the eligible cost elements that are subject to depreciation. 70% Eligible Basis (9% Tax Credits) for new construction or rehabilitation costs. 30% Eligible Basis (4% Tax Credits) for acquisition costs and projects with federal subsidy. Exclusions- federal grants, land acquisition cost, commercial, etc. “Basis Boost” – Increases Eligible Basis 30% if project is in a HUD Defined QCT or DDA

11. Basis Boost 11/12/2015 New Mexico Mortgage Finance Authority 11 Basis Boost – Up to 30% increase to Eligible Basis for new construction and rehabilitation costs only (acquisition costs not eligible) For Projects in HUD designated QCT or DDA (30%) MFA designation of need for Financially Feasibility (up to 30%) and: 1. Not Financed with Tax Exempt Bonds; 2. Must score at least 10 points under Projects that Benefit the Environment; and 3.Serve a target population.

12. Applicable Percentage 11/12/2015 New Mexico Mortgage Finance Authority 12 The amount of the low-income housing credit for any taxable year in the credit period shall be an amount equal to: (1) the applicable percentage of (2) the qualified basis of each qualified low-income building. IRC §42(a). Determination of Applicable Percentage: Percentages which will yield over a ten-year period amounts of credit which have a present value equal to: 1.70% of the Qualified basis of non-federally subsidized new construction and rehab costs (9% fixed for projects that were placed in service before 1/1/2015); and 2.30% of the Qualified basis of acquisition costs and/or projects that are federally subsidized. Applicant may elect to lock Applicable (Tax Credit) Percentage at either Carryover or at PIS.

13. 11/12/2015 New Mexico Mortgage Finance Authority 13 Tax Credit Calculation Eligible Basis$2,250,000 x Basis Boost ( if applicable ) 130% $2,925,000 x Applicable Fraction 80.56% = Qualified Basis$2,356,380 Qualified Basis$2,356,380 x Applicable (Tax Credit) % 7.48%** = Annual Tax Credit $176,257.22 **Example only

14. 11/12/2015 New Mexico Mortgage Finance Authority 14 Equity Calculation Annual Tax Credit $176,257.22 x Years of Creditx 10 = Total Credit Amount$1,762,572 x Price per Credit Dollarx $ 0.87 = Equity to Project $1,533,437.

15. 11/12/2015 New Mexico Mortgage Finance Authority 15 Partnership Structure General Partner.01% Limited Partner Investor 99.99% XYZ PROJECT GENERAL PARTNERSHIP

16. 11/12/2015 New Mexico Mortgage Finance Authority 16 Partnership Structure General partner has 0.01% ownership, provides guarantees and operates the project General partner retains 0.01% of the tax credits, income and losses Limited partner has 99.99% ownership Limited partner receives 99.99% of the tax credits, income and losses Investor equity reduces the need for other financing which reduces debt service, and enables rents to be affordable

17. 11/12/2015 New Mexico Mortgage Finance Authority 17 Tax Credit Timeline Apply for credits Receive a tax credit reservation Receive carryover allocation, indicate lock-in election Incur 10% of estimated project basis and start construction by August 31 of the following year Complete project and place in service within two years of carryover Apply for 8609’s Record extended use agreement Project Lease-up: Qualify Tenants Begin claiming credits: PIS year or following year Keep tax credit units in compliance ** See 2015-2016 LIHTC Calendar on website

18. 11/12/2015 New Mexico Mortgage Finance Authority 18 2016 Qualified Allocation Plan Review

19. 11/12/2015 New Mexico Mortgage Finance Authority 19 Qualified Allocation Plan What is it?  The QAP is the State of NM’s plan for allocating its tax credits  It is prepared annually, consistent with IRC §42(m). Approval Process Where is it? http://www.housingnm.org/low-income-housing- tax-credits-lihtc-allocations

20. 11/12/2015 New Mexico Mortgage Finance Authority 20 Threshold Review All Applications must meet each of the following and include all required materials: Site Control Zoning Minimum Project Score Applicant Eligibility Financial Feasibility Fees

21. 11/12/2015 New Mexico Mortgage Finance Authority 21 Site Control Fully executed purchase contract or option Written governmental commitment to transfer property by deed or lease Recorded deed or long term lease.

22. Site Control, Continued 11/12/2015 New Mexico Mortgage Finance Authority 22 Transfer Commitment must: Provide an initial term lasting until at least July 31, 2016. Be binding on seller through initial term Have names, legal description, and acquisition cost that matches application. **Initial term must not be conditioned upon any extensions requiring seller consent, additional payments or financing approval.

23. 11/12/2015 New Mexico Mortgage Finance Authority 23 Zoning Evidence that multifamily housing is not prohibited by the existing zoning and dated < 6 months before application deadline. No pending litigation or unexpired appeal process relating to zoning for project. Only exemption, a site that is not zoned or which is zoned agricultural.

24. 11/12/2015 New Mexico Mortgage Finance Authority 24 Fees All fees owed to MFA for all Tax Credit Projects in which Principal(s) participate must be current. Fees for 2016: Application Fee: $3,500 Deposit: $8,500 Processing Fee:** 8% (9% award) or 5.5% (4% award) ** Applicable if a reservation is received

25. 11/12/2015 New Mexico Mortgage Finance Authority 25 Applicant Eligibility All members of the development team of the proposed Project must be in good standing with MFA and all other state and federal affordable housing agencies.

26. 11/12/2015 New Mexico Mortgage Finance Authority 26 Financial Feasibility Applications must demonstrate, in MFA’s reasonable judgment, the Project’s financial feasibility. QAP Section IV.C.2, Section IV.D, and Section IV.E. summarize MFA’s financial feasibility considerations. Additional Underwriting Details in the Initial Application Underwriting Supplement

27. 11/12/2015 New Mexico Mortgage Finance Authority 27 Per Unit Costs Limits  Based on average per unit costs of new construction and adaptive re-use projects submitted in the round  Purchase price attributed to land, costs related to commercial space, and reserves will be excluded.  In 2015 the average was $191,211 and in 2014 it was $196,682  Per project maximum Tax Credit award is $1,150,000 and any entity (including affiliates) may not receive more than 2 awards.

28. 11/12/2015 New Mexico Mortgage Finance Authority 28 Minimum Project Score 130 points for competitive round; 80 points for bond projects Partial points will not be awarded Applicant self-scores application; MFA scores application Scoring criteria and information needed to obtain points in QAP and checklist Deficiency Correction used only to correct incomplete application or meet threshold – not scoring or Allocation Set Aside requirements

29. 11/12/2015 New Mexico Mortgage Finance Authority 29 Scoring Criteria Criterion 1: Nonprofit, New Mexico Housing Authority, or Tribally Designated Housing Entity (0-10 points)  Requirements in application and checklist must be provided for points  Requirement for points different than requirements for set-aside  Net worth/net assets must be substantiated by reviewed or audited financial statements  Document fee split agreement among parties  Entity required to attend training within 6 months prior to application  Indicate on checklist if submitting as a qualified nonprofit, NMHA, or TDHE

30. 11/12/2015 New Mexico Mortgage Finance Authority 30 Scoring Criteria Continued Criterion 2: Projects that Benefit the Environment (0-18 points) Five options, two scoring tiers:  LEED, Enterprise Green Communities, National Green Building Standard, or Build Green NM – 18 points  MFA Green Criteria – 10 points Building Performance Standard Use composite wood only if free of urea formaldehyde

31. 11/12/2015 New Mexico Mortgage Finance Authority 31 Scoring Criteria Continued Projects that Benefit the Environment, continued  Basic Application Requirements Narrative description of features Green professional Criteria Checklist Architect or green professional certification

32. 11/12/2015 New Mexico Mortgage Finance Authority 32 Scoring Criteria Continued Criterion 3: Locational Efficiency (0-2 points) Projects located in proximity and connected to: 1) services 2) public transportation

33. 11/12/2015 New Mexico Mortgage Finance Authority 33 Scoring Criteria Continued Criterion 4: Rehabilitation Projects (15 points) Rehabilitation hard costs of $25,000/unit or more  Greater of at least 15 Units, or 25 percent of total Units  Can be combined with points for sustaining affordability

34. 11/12/2015 New Mexico Mortgage Finance Authority 34 Scoring Criteria Continued Criterion 5: Sustaining Affordability (0-15 points)  Use restrictions are to expire on or before December 31, 2020, or  Federal Rental Assistance Contract covering at least 75% of all Units, subject to a minimum of 30 units  5 points for Projects that have/will have a federal rental assistance contract covering at least 20 percent of all Units, subject to a minimum of 5 units

35. 11/12/2015 New Mexico Mortgage Finance Authority 35 Scoring Criteria Continued Criterion 6: Average Gross Median Income (AGMI) (0-40 points)  Calculate a weighted average based on the number of units set aside at each income level  Market rate units treated as if they were set aside at 100%  Round to zero decimal points  Three tiers  Points differ for counties with AMI less than or equal to $54,100

36. 11/12/2015 New Mexico Mortgage Finance Authority 36 AGMI Calculation Percent ofSet Aside Income LevelWeighted Total Units(As a % of Median)Average 6.94%X30%= 2% 20.83%X50%=10% 55.56%X60%=33% 16.67%X 100%=17% Total AGMI: AGMI for Scoring62%

37. 11/12/2015 New Mexico Mortgage Finance Authority 37 Scoring Criteria Continued Criterion 7: Average Gross Median Rent (AGMR) (0-30 points)  Weighted Average based on the number of units set aside at each rent level  A project can restrict rents at a lower level than the targeted income level for any given units  Market rate treated as if they were set aside at 100%  Round to zero decimal points  Three tiers

38. 11/12/2015 New Mexico Mortgage Finance Authority 38 AGMR Calculation Percent of Set Aside Rent LevelWeighted Total Units(As a % of Median)Average 6.94%X30%=2% 62.50%X50%=31% 13.89%X60%= 8% 16.67%X 100%=17% Total AGMR: AGMR for Scoring58%

39. 11/12/2015 New Mexico Mortgage Finance Authority 39 Scoring Criteria Continued Criterion 8: Market rate units (10 points)  Minimum 15% of the total Units  Maximum points for AGMI, AGMR and market rate units combined is 65. Criterion 9: Extended Use Period (0-15 points)  Maximum points for 45 year Extended Use Period

40. 11/12/2015 New Mexico Mortgage Finance Authority 40 Scoring Criteria Continued Criterion 10: Special Needs (0-15 points)  20% of the total units reserved and 50% of reserved units rent restricted at 30% AMI or 30% of tenant income for 15 points  5% of units reserved and rent restricted at 30% AMI for 5 points (only available for Projects Financed with Tax Exempt Bonds)  Signed commitment to set aside units and execute agreement with Local Lead Agency  Section 811 Project Rental Assistance may be available. See MFA website for more info.

41. 11/12/2015 New Mexico Mortgage Finance Authority 41 Scoring Criteria Continued Criteria 11 & 12: Senior Housing, Individuals with Children (0-15 points)  100% of total units reserved for Senior Housing  25% of the total units reserved for Individuals with Children  Points range from 7 to 15 based on services provided  Design requirements – mandatory for points  On-site service coordinator – required for service points  The proposed Project annual operating budget must include at least $2,500 for the provision of enrichment services.

42. 11/12/2015 New Mexico Mortgage Finance Authority 42 Scoring Criteria Continued Individuals with Children – Unit Mix Calculations Total Units68 Units with 3/3+ bdrms and 1.75 bathrooms10 Units with 2 bdrms and 1.75 bathrooms50 3 bedroom percentage of total Units 14.7% 2 bedroom percentage of total Units 73.5% **See QAP definition of Unit

43. Scoring Criteria Continued Criterion 13: Contribution from state, local or tribal government entity (0-10 points)  Cash flow or residual receipts loans eligible contributions but cannot have hard payments  The value of the contribution must be listed as a source on Schedule A-1 and, when not a cash contribution, as a cost on Schedule A. 11/12/2015 New Mexico Mortgage Finance Authority 43

44. 11/12/2015 New Mexico Mortgage Finance Authority 44 Scoring Criteria Continued Criterion 14: Complete Application (5 points) Applications that do not require any deficiency corrections. See Section IV.A.4 in the QAP: Original Signatures in blue ink from all General Partners Don’t forget the CD, DVD or flash drive! Brown Classification Folder All Attachments, Current MFA forms Architectural Submissions must demonstrate compliance

45. 11/12/2015 New Mexico Mortgage Finance Authority 45 Scoring Criteria Continued Criterion 15: Commitment to market units to public housing authority waiting lists (2 points) Criterion 16: QCT/Concerted Community Revitalization Plan (0-5 points)  Projects that contribute to a Concerted Community Revitalization Plan or are located within ½ mile of a New Mexico designated Main Street are eligible for 3 points.  If the Project meets one of the above criteria and is located in a QCT, it is eligible for 5 points.

46. 11/12/2015 New Mexico Mortgage Finance Authority 46 Scoring Criteria Continued Criterion 17: Projects with Units Intended for Eventual Tenant Ownership (5 points)  Cannot be combined with Extended Use Period Points Criterion 18: Financial Literacy Programs (2 points)  The proposed Project annual operating budget must include at least $1,500 for the provision of the financial literacy classes Criterion 19: Historic Significance (5 points) Criterion 20: Blighted Buildings or Reuse of Brownfield Site (5 points)

47. 11/12/2015 New Mexico Mortgage Finance Authority 47 Scoring Criteria Continued Criterion 21: Projects Located in Areas of Statistically Demonstrated Need (0-15) Tier 1 Areas (15 points)  Chaves, Cibola, Curry, Eddy, Lea, Sandoval, Santa Fe and Taos. All Projects on Native American Trust Lands or Native American-owned lands within the tribe’s jurisdictional boundaries. Tier 2 Areas (10 points)  Bernalillo, Colfax, Grant, Lincoln, Luna, McKinley, Rio Arriba, San Juan, and Torrance.

48. 11/12/2015 New Mexico Mortgage Finance Authority 48 Scoring Criteria Continued  Projects that request less than $15,000 Tax Credits per Low Income Unit and less than $15.50 Tax Credits per Low Income square foot are eligible for 5 points.  Projects that request 1) less than $16,500 Tax Credits per Low Income Unit and less than $17.00 Tax Credits per Low Income square foot or 2) less than $15,000 Tax Credits per Low Income Unit or $15.50 Tax Credits per Low Income square foot are eligible for 3 points.  Projects that involve Rehabilitation or Adaptive Reuse are not eligible even if they involve new construction. Criterion 22: Efficient Use of Credits

49. 11/12/2015 New Mexico Mortgage Finance Authority 49 Scoring Criteria Continued Criterion 23: Non-Smoking Properties (2 points)  Projects which will be non-smoking properties and participate in the American Lung Association in New Mexico Smoke Free @ Home program are eligible for 2 points. Criterion 24: Adaptive Reuse Projects (5 points)  In combined new construction and Adaptive Reuse Projects, converted space must account for at least 20 percent of the sum of each Building’s Gross Square Feet.

50. 11/12/2015 New Mexico Mortgage Finance Authority 50 Additional 2016 QAP Changes  Tax Credit Design Competition- eliminated  2016 Mandatory Design Standards- see website;  Design Review: -Minimum of 4 design reviews; -Shall not commence construction prior to MFA approval of complete construction documents  MFA’s Tax Exempt Bond Volume Cap $10mm limit- eliminated

51. Other Areas Covered in QA P Quiet Period- Section IV.A.5 Allocation Set Asides- Section III.D.2 Affirmative Actions after Reservation- Section IV.G. Termination of Reservations- Section IV.H Changes to the Project- Section IV.I. Tax Credit Monitoring & Compliance- Section X. 11/12/2015 New Mexico Mortgage Finance Authority 51

52. 11/12/2015 New Mexico Mortgage Finance Authority 52 Dates to Remember… Applications due February 1, 2016 Awards: May 2016 2017 QAP Public Comment Period: August/September 2016 Carryover: November 15, 2016 Final plan submittal: June 30, 2017 10% Test: August 31, 2017 **See LIHTC calendar for additional dates

53. 11/12/2015 New Mexico Mortgage Finance Authority 53 Questions? BREAK!

54. 11/12/2015 New Mexico Mortgage Finance Authority 54 APPLICATION PROCESS

55. 11/12/2015 New Mexico Mortgage Finance Authority 55 Application Review Universal Application  HOME  Risk Share  Other Indicate  Extended Use Period  Set-Aside Option  Special Needs Reservations

56. 11/12/2015 New Mexico Mortgage Finance Authority 56 Application Review Continued Utility Allowance  Rent calculation – Schedule B  Attach current documentation  Must be approved allowance Contact Information – update MFA if this changes after application Ownership Information  To-be-formed partnerships  Non Profit participants

57. 11/12/2015 New Mexico Mortgage Finance Authority 57 Application Review Continued Development Team  Identity of interest  Developer fee amount  Attach resumes Identification of Local Official Original Signature(s) in blue ink

58. 11/12/2015 New Mexico Mortgage Finance Authority 58 Schedules Schedule A – Development Cost Budget  Calculations Construction Contingency Builder Fees Developer Fee Operating Reserve  Rehabilitation and Adaptive Reuse that also includes New Construction P rojects must provide separate Schedule As for Rehabilitation or Adaptive Reuse component, for New Construction component, and total project

59. Construction Contingency New Construction $ 6,388,500 Construction Costs before GRT, GR, Overhead & Profit 5% Minimum Owner Contingency Percentage $ 319,425 Minimum Owner Contingency Dollar $ 350,000 Application Contingency $ (30,575) (Excess)/under minimum Contingency included in construction contract will be included as a hard construction cost and will not count toward required Owner Construction Contingency. 11/12/2015 New Mexico Mortgage Finance Authority 59

60. 11/12/2015 New Mexico Mortgage Finance Authority 60 Builder’s Profit, Overhead, General Requirements $ 6,388,500 Construction Costs before GRT, GR, Overhead & Profit 6% Allowed percentage for Profit $ 383,310 Maximum for Profit $ 383,310 Application Profit $ 0 (Excess)/under used Same formula as above for General Requirements $ 6,388,500 Construction Costs before GRT, GR, Overhead & Profit 2% Allowed percentage for Overhead $ 127,770Maximum for Overhead $ 127,770 Application Overhead $ 0 (Excess)/under used

61. 11/12/2015 New Mexico Mortgage Finance Authority 61 Developer Fee Calculation Developer fees may not exceed: Projects with 30 or fewer Units - $22,500 per Low Income Unit Projects with 31-60 Units - $21,000 per Low Income Unit Projects with 61-100 Units - $19,500 per Low Income Unit not to exceed $1.5 million Projects with more than 100 Units $15,000 per Low Income Unit not to exceed $1.8 million.  Additionally, in no case can the developer’s fee exceed 14% of Total Development Costs

62. 11/12/2015 New Mexico Mortgage Finance Authority 62 Developer Fee Calculation Project with 72 Total Units, 60 Low Income Units #1 $21,000 per Low Income Unit 60 Low Income Units $1,260,000 Potential Developer Fee #2 $6,388,500 Total Development Costs __ x 14% Maximum Fee Percentage $894,390 Maximum Developer Fee

63. 11/12/2015 New Mexico Mortgage Finance Authority 63 Operating Reserve Annual Operating Expenses $ 318,311 Annual Replacement Reserve $ 21,900 Social Service Delivery Costs $ 10,000 Annual Debt Service $ 161,604 Total $ 511,815 X.5 (i.e. 6 mos.)= $ 255,907 Application Operating Reserve $ 275,000 (Excess)/Under Operating Reserve ($19,093)

64. 11/12/2015 New Mexico Mortgage Finance Authority 64 Schedules Continued Schedule A-1 – Sources of Funds  Construction and Permanent  Deferred Fee  Sources = Uses Schedule B – Unit Type & Rent Summary  Distribution of units proportionately  Set-aside rents cannot exceed tax credit limits  Indicate unit net square feet

65. 11/12/2015 New Mexico Mortgage Finance Authority 65 Schedules Continued Schedule C – Operating Expense Budget  Minimum 7% vacancy  Maximum 6% management fee (calculated on gross income)  Replacement Reserves – we will underwrite to at least MFA minimums Cash Flow Projection  Income, expense, and reserve escalators at minimum stated in underwriting supplement Schedule D – Contractor Cost Breakdown  Tie to Schedule A

66. Schedules Continued Schedule G- Affordable Unit Set Aside Election- irrevocable Schedule H – Applicant’s Previous Participation  One Schedule H for each General Partner and Developer  Compliance Affidavit from each General Partner and Developer Principal 11/12/2015 New Mexico Mortgage Finance Authority 66

67. 11/12/2015 New Mexico Mortgage Finance Authority 67 What makes a successful application?

68. 11/12/2015 New Mexico Mortgage Finance Authority 68 2015 Tax Credit Round Of the 16 Applications submitted: $14,309,500 in credits were requested  Ratio of requests to credit ceiling was 2.63:1  This ratio decreased from 3.38:1 in 2014 Average TDC per unit for new construction was $191,211  Down from $196,681 in 2014  Up from $191,034 in 2013  Range of $151,036 to $247,254  Range in 2014 was $125,823 to $248,232 Average Project size decreased to 56 units from 60 units in 2014.

69. 11/12/2015 New Mexico Mortgage Finance Authority 69 2015 & 2014 Tax Credit Round Results  Seven awards in 2015, eight in 2014 All Projects awarded have a sponsor or co-sponsor that is a non-profit, governmental or tribal entity. All projects committed to LEED Silver, Enterprise Green Communities Criteria, or Build Green NM. Five of the fifteen Projects scored points for acquisition/rehabilitation or Adaptive Reuse. Two of the fifteen Projects are mixed income projects.

70. 11/12/2015 New Mexico Mortgage Finance Authority 70 2015 & 2014 Tax Credit Round Results, Continued  Seven awards in 2015, eight in 2014 All of the Projects are providing services to targeted populations: elderly, special needs, or households with children. All of the Projects are in MFA’s Areas of Statistically Demonstrated Need. Sizes range from 21 to 85 units. Award amounts range from $343,087 to $1,150,000.

71. The Most Successful Application 11/12/2015 New Mexico Mortgage Finance Authority 71... Is for the project that you can deliver and successfully operate for the entire extended use period!

72. 11/12/2015 New Mexico Mortgage Finance Authority 72 Questions?

73. 11/12/2015 New Mexico Mortgage Finance Authority 73 Visit MFA’s website at: www.housingnm.org/developers Contact: Susan H. Biernacki, J.D. Housing Tax Credit Program Manager (505) 767-2273 sbiernacki@housingnm.org www.housingnm.org/developers sbiernacki@housingnm.org For more information: