New Mexico Housing Trust Fund Supports Solar Projects with $3.5 Million for Weatherization

In a significant move to enhance sustainable living in New Mexico, the New Mexico Mortgage Finance Authority (MFA) Board of Directors, during their meeting on November 15, approved a substantial $3.5 million funding allocation from the New Mexico Housing Trust Fund. This funding is earmarked to support the integration of solar systems in homes currently benefiting from the NM Energy$mart Weatherization Program services.

The NM Energy$mart Weatherization Program, primarily funded by the U.S. Department of Energy (DOE), includes the installation of solar systems as an eligible weatherization measure. The DOE’s funding, however, covers only a part of the total cost, necessitating additional financial support to meet the program’s objectives. To fulfill this need and the match requirements for some DOE grants, MFA staff proposed utilizing $3.5 million from the 2024 New Mexico Housing Trust Fund allocation.

This strategic funding is aimed at installing solar-powered systems in households across New Mexico that are already receiving weatherization services. The initiative is particularly focused on keeping electric bills affordable for low-income households post-electrification. Additionally, it paves the way for future funding opportunities, marking a significant step towards sustainable energy solutions in the state.

Isidoro Hernandez, MFA Executive Director/CEO, expressed enthusiasm about this new venture into solar energy. “This is our first venture into solar, and we hope to impact many New Mexico households with this funding,” he said. “With the combined support from the DOE and additional resources from the New Mexico Housing Trust Fund, we are confident this program will make a positive difference in people’s lives.”

The NM Energy$mart Weatherization Program primarily aims to help low-income households reduce their energy consumption, thereby lowering costs and enhancing health and safety. This is achieved through the implementation of various energy-efficient measures in homes. The program is administered by MFA through community-based nonprofit organizations that offer services statewide.

Funding for the NM Energy$mart Weatherization Program comes from a variety of sources, including the DOE, Low-Income Home Energy Assistance Program, New Mexico Gas Company, PNM, New Mexico Housing Trust Fund, and El Paso Electric. The term “Weatherization” is associated with the DOE’s Weatherization Assistance Program, established by Congress in 1976, while “Energy$mart” is specific to New Mexico’s program. MFA has been administering the Energy$mart weatherization program in the state since 1997.

For more information about the NM Energy$mart Weatherization Program and to check eligibility, interested individuals can visit the MFA website at https://housingnm.org/home-repair-and-energy-efficiency/energymart-weatherization-assistance.

The New Mexico Mortgage Finance Authority, established in 1975 by the New Mexico State Legislature, is dedicated to providing quality affordable housing opportunities for all New Mexico residents. As the state’s housing agency, MFA utilizes housing bonds, tax credits, and other federal and state resources to fund over 40 housing programs. These programs range from funding the construction and rehabilitation of affordable housing and rental properties to providing down payment assistance, homelessness prevention, emergency shelter, weatherization services, rental assistance, and housing for people with special needs. Since its inception, MFA has assisted over 500,000 families with affordable housing and services. To learn more about MFA and its programs, visit www.housingnm.org.