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A forgivable loan program designed for property owners with vacant or deteriorating homes. This initiative covers the cost of materials and labor needed to restore the unit to HUD standards. In return, the owner agrees to rent the unit to a voucher holder or an income-qualified tenant for a specified period of guaranteed affordability. The loan gradually diminishes over time, provided the owner maintains the unit's affordability. This results in zero debt for the landlord and ensures guaranteed affordable housing for the community.
Rehab2Rental™ began in 2024 when With Many Hands Roswell received foundation grant of $40,000, which led to the rehabilitation of four homes. Recognizing this success, Housing New Mexico contributed an additional $500,000 in 2025, allowing for the renovation of 21 more houses. Our most recent funding in 2026 from the New Mexico Department of Workforce Solutions Office of Housing, totaling $1,600,000, aims to introduce an additional 35 homes into the affordable rental market across twelve counties with increased loan limits.
Solid partnerships
In collaboration with the Eastern Regional Housing Authority, Alianza of New Mexico, workforce training programs, contractors, landlords, and state funding sources.
Long-term solutions
Ensuring that they maintain fair-market rent for a minimum of five years fosters stability and predictability in the affordable housing market for both tenants and landlords.
Rapid successes
Contractors typically finish their work within three months, and the costs of these projects are generally lower than those of many other housing initiatives.
Improving communities
Revitalizing established neighborhoods involves infusing new energy into existing communities, mitigating blight and enhancing safety, and strengthening the local contractor economy.
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