The $1.8 million allocated to Valencia County for a down payment assistance program has successfully been allocated, helping 60 buyers purchase new homes.

Elena Gonzales, the chief operating officer at Homewise Inc., recently delivered a report on the program to the Valencia County Commission.

Homewise, a Santa Fe-based nonprofit, partnered with the county in April to help potential home buyers through the process of accessing the assistance, which was provided by the New Mexico Department of Workforce Solutions.

“If you remember, we were under the gun to get this spent,” Gonzales said. “When this started on April 1, we had 23 lenders, a bunch of real estate officers, all the builders in Valencia County and we got 60 families under contract. We did expend all $1.8 million by June 30.”

With a goal of 60 families receiving $30,000 in down payment assistance, Gonzales said there was one additional family that “really needed the help. Homewise funded that out of our capital. We didn’t want to leave anyone behind.”

Of the 60 families that used the county program, 40 purchased existing homes, while 20 went with new construction, a decision that resulted in about $200,000 more in assistance for those families because to participate in the program, new builders had to commit to an additional $10,000 in down payment help.

“We assigned all these mortgages to Valencia County, so you will see those funds on the return cycle, due to sale, transfer or refinance,” Gonzales said. “You now have a revolving affordable housing fund.”

Since the down payment assistance funds will return to the county program when a property is sold, transferred or refinanced, Commissioner Joseph Bizzell asked where the money would actually go.

County Manager Jhonathan Aragon said the county will set up a tracking mechanism to ensure the funds are sent to a specific fund for the revolving fund.

Gonzales said since Homewise is helping service the loans for local buyers, they could alert the county if a return was coming or the county might be notified by the title company.

In addition to Gonzales’ update, the commission also considered and approved an intergovernmental agreement with the Department of Workforce Solutions allowing the county to administer an additional $1.8 million in down payment assistance funding.

“Since we did fulfill the first allocation, the grants department responded to (a request for information from Workforce Solutions) for an additional $1.8 million to continue the affordable housing program into fiscal year 2027 for income assistance to qualified buyers,” said Jeremias Silva, the county’s grant manager. “Homewise is anticipated to continue working with us. The total awarded has a reversion date of June 30, 2027.”

After confirming the county was getting a second round of funding in the amount of $1.8 million, Commissioner Dante Berry asked if there was “anyway to get more.”

Silva said he felt there was definitely an opportunity in the future. The county has submitted a grant proposal to update its affordable housing plan, he said.

“This time is the same amount of money and the same situation so we can show a track record,” he said. “If we get funding (to update the affordable housing plan) ... and get our ordinance updated, we can solidify a future application for more money.”

County attorney Dave Pato said if the county uses the second $1.8 allocation as quickly as it did with the first round of funding, there would be an opportunity to request more funding this fiscal year from the Department of Workforce Solutions.

“They issued (a request for proposals) to gauge interest from around the state. I don’t know what the response has been,” Pato said. “Once the initial round of funding goes out, we can follow up with additional conversations.”

Commissioner Troy Richardson said during discussions of how to use the first $1.8 million, Commissioner Gerard Saiz, who wasn’t at the July 22 meeting, “had expressed a desire to use this or money like this for home renovation projects,” specifically for seniors.

Pato said the second $1.8 million would be used the same as the initial funding, but the county is working to update its affordable housing plan with an eye to including the types of programs Saiz mentioned.

“We are going to get the money out the door as quick as possible and show the need,” he said.

The commission approved the IGA with Workforce Solutions on a 4-0 vote. It also voted 4-0 to amend the professional services contract it has with Homewise to serve as the county’s affordable housing program administrator, extending the contract to the end of the 2027 fiscal year.

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Program helps dozens to buy homes in Valencia County