Developer Financing & Incentive Programs
The City of Santa Fe, through its Metropolitan Redevelopment Agency (MRA), collaborates with various local and state entities to offer a range of financing tools aimed at supporting equitable, sustainable, and community-driven development within the Midtown District. Below is a curated list of programs and resources available to developers.
State and Regional Programs
NMEDD – C-PACE
Link https://sites.google.com/adelanteconsulting.com/nm-cpace/home
The Commercial Property Assessed Clean Energy (C-PACE) program enables developers to access long-term financing for energy efficiency, water conservation, and renewable energy improvements on commercial and industrial properties. Administered by Adelante Consulting through the NM Economic Development Department.
NMEDD – List of C-PACE Lenders
Link https://www.nmfinance.com/opportunity-enterprise-fund/
A directory of private lenders participating in New Mexico’s C-PACE program, offering competitive financing options for green building improvements.
NMFA – Opportunity Enterprise Fund (Commercial)
Link https://www.nmfinance.com/opportunity-enterprise-fund/
This fund supports catalytic commercial projects with long-term economic impact through low-cost financing and flexible terms. Priorities include innovation, infrastructure, and job creation in New Mexico communities.
NMFA – Opportunity Enterprise Fund (Housing)
Link https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/
Designed to accelerate housing production, this revolving fund offers predevelopment and development loans to help meet the state's housing needs, with an emphasis on affordability and readiness.
State of New Mexico – Housing NM Developer Portal
Link https://housingnm.org/developers
A centralized resource hub for developers of rental or ownership housing, including access to funding programs, compliance tools, and technical assistance.
State of New Mexico – LIHTC
Link https://housingnm.org/developers/lihtc
The Low-Income Housing Tax Credit (LIHTC) program provides federal tax incentives to developers who build or rehabilitate affordable rental housing, awarded through a competitive application process.
State of New Mexico – Developer 101
Link: https://housingnm.org/developers/developer-resources/development-101#:~:text=The%20Developer%20101%20training%20materials,studies%20and%20hands%2Don%20exercises
A primer on affordable housing development in New Mexico, this guide walks new developers through the process, including site selection, financing, compliance, and timelines.
Local Programs – Santa Fe County and City
Santa Fe County – Housing Programs
Link https://housingnm.org/developers/developer-resources/development-101
Provides rental and homeownership support programs to help maintain housing affordability in Santa Fe County, particularly for households earning below the median income.
Santa Fe County – Developer Assistance Program
Link https://www.santafecountynm.gov/housing-services/affordable-housing
Offers funding and technical assistance to developers building affordable housing, with a focus on increasing the supply of housing for low- and moderate-income residents.
City of Santa Fe – Funding Opportunities (AHTF)
Link https://santafenm.gov/affordable-housing/funding-opportunities
The Affordable Housing Trust Fund (AHTF) provides flexible gap financing for both rental and ownership projects that serve low- and moderate-income households, including site acquisition and soft costs.
City of Santa Fe – Santa Fe Homes Program (Inclusionary Zoning)
Link https://santafenm.gov/affordable-housing/santa-fe-homes-program
The Santa Fe Homes Program (SFHP) requires a portion of new residential developments to be affordable, and offers density bonuses and other incentives to participating developers.
Private/Impact-Oriented Financing Tools
CDFIs in New Mexico
Link https://cdfi.org/wp-content/uploads/2018/02/New-Mexico.pdf
Community Development Financial Institutions (CDFIs) provide flexible loans and equity investments for affordable housing, small businesses, and community facilities, often with mission-driven underwriting.
NMIIC – Impact Investment Opportunities
Inquiry-based
The New Mexico Impact Investment Collaborative (NMIIC) connects investors with opportunities to support affordable housing, green infrastructure, and local economic development across the state.
LIFT NM – Targeted Investment
Link https://institutional.rbcgam.com/en/us/philosophy-and-process/social-impact-investing.page
LIFT NM is a fixed-income investment strategy that aims to improve social outcomes in New Mexico through bond portfolios supporting housing, education, and community development.
New Mexico Climate Investment Center – Green Bank
Link https://www.nmclimateinvestment.org/
The state's emerging green bank initiative aims to provide financing for clean energy, water efficiency, and climate-resilient infrastructure, focusing on leveraging private capital to accelerate decarbonization.