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Rio Rancho proposes $120,000 pilot to help employees with home down payments
Summary
City staff proposed a $120,000 pilot program that would offer forgivable loans up to $20,000 to qualifying city employees to encourage recruitment and retention and to promote living in Rio Rancho.
City staff presented a $120,000 pilot program in the FY‑26 HR budget to provide down‑payment assistance to city employees, aiming to support recruitment, retention and encourage employees to reside within city limits.
Under the broad program parameters discussed at the work session, staff said the pilot would make up to $20,000 available per eligible employee as a forgivable loan in second position on a home mortgage. The loan would be forgivable over five years, with 20% forgiven each…
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