The best thing about our work at Smith NMTC is that it enables us to partner with some of the most effective and prolific nonprofit for-sale housing developers in the country.

Today, we’re featuring client stories from Homewise, a New Mexico-based nonprofit 501(c)(3) organization with a mission to create successful homeowners and strengthen neighborhoods so that families can improve their long-term financial well-being and quality of life.

Since 1986, Homewise has helped residents achieve their homeownership goals through homebuyer education, individualized financial coaching, real estate services, home development, and mortgage lending—they are truly a one-stop shop on the road to homeownership! In addition to the El Camino Crossing development highlighted through these stories, Homewise has also used a $7 million NMTC allocation to develop 16 scattered site homes as part of its Albuquerque Neighborhood Revitalization Initiative and 16 3-story townhomes in its Silver Townhome project in Albuquerque, New Mexico.

Leveraging NMTCs to Build El Camino Crossing

In two separate multi-QALICB transactions that closed in 2017 and 2018, Homewise received a total NMTC allocation of $13 million from The Housing Partnership Network, Inc. Homewise used its NMTC-funded loan to complete both Phases of its El Camino Crossing neighborhood.

Located on the site of a vacant former mobile home park in the Corazon Santo neighborhood of Santa Fe, El Camino Crossing is a new subdivision consisting of 40 affordable single-family homes and 13 condominium units. More than 34 percent of the area’s residents have incomes below the federal poverty line. The addition of El Camino Crossing has catalyzed local development efforts: It provides affordable housing in a high-cost city, transforms a blighted parcel into productive use, and offers an economic development boost to a historically distressed area.

The homes’ construction cost averaged $226,000, with an average sale price of $214,000. The NMTC funding helped to subsidize the sale price, making these homes affordable for buyers in an area with a median income of $25,704. Homewise committed to sell at least 20 percent—and actually sold 40 percent—of the homes to individuals and families with an income at or below 80 percent of the area’s average median income (AMI).

The Impact of Homewise’s NMTC Allocation

Since El Camino Crossing’s grand opening in 2018, several homebuyers have experienced the transformative impact of owning a home.

Meet Maria Luisa, Experiencing Independence 

When Maria Luisa first immigrated to the United States, she dreamed of owning a home. After struggling with addiction, she began her path to recovery and attained her U.S. citizenship, received her GED, and took classes at Santa Fe Community College. Maria Luisa became acquainted with Homewise and its available resources and programs during this time.

To fulfill her lifelong dream of owning a home, Maria Luisa spent time getting her finances in order and touring homes. She fell in love with the El Camino Crossing community and purchased a new two-bedroom, two-bathroom home.

“Being a homeowner lifts my spirits and gives me confidence in my future,” shares Maria Luisa. “This is my place. I did it!”

Meet Katie, Room to Grow 

Living in small apartments for their entire lives had become a challenge for Katie and her husband, Thomas. As the pair began to think about starting a family, they realized it was time to consider looking for a new home.

For Katie, an art therapist and counselor, having a private workshop in their home was important. The El Camino Crossing community—featuring homes with a detached studio space option—was perfect for the couple. “The best part of our home is all the space we have to ourselves and the freedom to do whatever we want with it,” says Katie.

Meet Maxine, A Place to Retire

After retiring from a long career working in the Santa Fe Judicial Court system, Maxine was excited for a big change. Rising home costs had made affordable homeownership nearly impossible for much of her life. “I stayed with friends and family to save money to purchase my own home,” says Maxine.

After a search for the right home, Maxine selected one of the condos available at El Camino Crossing. “Erin and Gloria, my realtors, motivated me to go after my dream. They helped me find the courage to buy the condo I now call home,” shares Maxine. “I love it here because I am close to downtown with access to the city.”

About Smith NMTC Associates

Smith NMTC Associates, LLC (Smith NMTC) works with mission-driven organizations throughout the country to develop creative financial models and structures for projects that bring affordable homeownership and community facilities and services to low-income communities and their residents.

Smith NMTC Associates has deployed over $770M in New Markets Tax Credits allocation, providing funding for 160+ projects, and manages compliance and provides a recapture guaranty for over 140 nonprofit developers. In 2008, Smith NMTC pioneered the first NMTC model to support affordable homeownership and deployed $25 million in NMTC funding to five nonprofit developers in the Gulf Opportunity Zone (GO Zone) after Hurricane Katrina. Since then, the company has deployed more than $620M to 147 homeownership projects, in collaboration with 23 CDEs, resulting in 5,500 homes in low-income communities across 32 states and the District of Columbia.

Learn more about our work here.