Finance New Mexico was created in 2006 to help bolster the economy of the State of New Mexico. The limited liability company is owned by the New Mexico Finance Authority, a broad-based financing agency, and New Mexico Community Capital, a certified non-profit CDFI. The New Mexico Finance Authority acts as Managing Member and provides staff support to the Community Development Entity.
In 2007, Finance New Mexico made its first application for New Markets Tax Credits to the CDFI Fund and received a $110 million allocation to finance job-creating businesses, particularly in rural communities, and downtown redevelopment projects. Since its initial award, Finance New Mexico has created a competitive, transparent process for selecting and structuring New Markets transactions and has successfully utilized more than half of the credits on projects that are expected to create more than 1,250 permanent jobs from for New Mexicans.
With this momentum, Finance New Mexico received a second allocation in 2011 for $46 million, with three-quarters of it dedicated to New Mexico’s rural communities. Finance New Mexico expects to have fully utilized this generous allocation of New Markets Tax Credits by the end of 2013.