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Audit Finds New Mexico Complied with 1602 LIHTC Exchange Rules

Wednesday, March 12, 2014 - 7:00AM

The Department of the Treasury’s Office of Inspector General this week released an audit of the New Mexico Mortgage Finance Authority’s (NMMFA’s) compliance with the Section 1602 low-income housing tax credit exchange program. The audit found that the NMMFA complied with the terms and conditions of its Section 1602 program award. Specifically, the audit found that the NMMFA met the requirements for receiving its 1602 program grant, sub-awarding those funds to low-income housing developments, and establishing a process for monitoring the long-term viability of those developments and their compliance with 1602 program requirements.

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