New Mexico 2025 Regular Session

New Mexico House Bill HB122 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 122
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Kathleen Cates
32	32	AN ACT
33	33	RELATING TO PROPERTY; REQUIRING THAT AT LEAST FIFTY-FIVE
34	34	PERCENT OF UNITS OF CONDOMINIUMS CREATED ON OR AFTER JULY 1,
35	35	2025 ARE OWNER-OCCUPIED; REQUIRING THAT AT LEAST THIRTY-FIVE
36	36	PERCENT OF THE MEMBERS OF THE GOVERNING BODY OF ASSOCIATIONS
37	37	THAT MANAGE A CONDOMINIUM CREATED ON OR AFTER JULY 1, 2025 OWN
38	38	AND OCCUPY UNITS WITHIN THAT CONDOMINIUM.
39	39	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
40	40	SECTION 1. Section 47-7B-1 NMSA 1978 (being Laws 1982,
41	41	Chapter 27, Section 13) is amended to read:
42	42	"47-7B-1. CREATION OF CONDOMINIUM.--
43	43	A. A condominium may be created pursuant to the
44	44	Condominium Act only by recording a declaration executed in the
45	45	same manner as a deed. The declaration shall be recorded in
46	46	each county in which any portion of the condominium is located
47	47	.228928.3 underscored material = new
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74	74	and shall be indexed in the grantee's index in the name of the
75	75	condominium and the association and in the grantor's index in
76	76	the name of each person executing the declaration.
77	77	B. A declaration or an amendment to a declaration
78	78	adding units to a condominium shall not be recorded unless all
79	79	structural components and mechanical systems of all buildings
80	80	containing or comprising any units created are substantially
81	81	completed in accordance with the plans, as evidenced by a
82	82	recorded certificate of completion executed by a licensed
83	83	engineer, an architect or the appropriate building inspection
84	84	authority or by the declarant. This section does not apply to
85	85	a conversion building restricted in its entirety to uses other
86	86	than for residential purposes.
87	87	C. A condominium that is newly constructed,
88	88	consists of twelve or more units or that receives a subsidy,
89	89	money, land, tax abatement, deferred tax or any other thing of
90	90	value from a federal, state or local government source for the
91	91	purpose of renovations or any other purpose shall:
92	92	(1) for the purpose of furthering access to
93	93	federal homeowner loans that have an owner-occupancy
94	94	requirement, require that at least fifty-five percent of the
95	95	units of a condominium created by a declaration recorded on or
96	96	after July 1, 2025 be owner-occupied; and
97	97	(2) require that at least thirty-five percent
98	98	of the members of the governing body of an association that
99	99	.228928.3
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127	127	manages a condominium created on or after July 1, 2025 own and
128	128	occupy units within that condominium. "
129	129	SECTION 2. Section 47-7B-5 NMSA 1978 (being Laws 1982,
130	130	Chapter 27, Section 17, as amended) is amended to read:
131	131	"47-7B-5. CONTENTS OF DECLARATION.--
132	132	A. The declaration for a condominium shall contain:
133	133	(1) the names of the condominium, which shall
134	134	include the word "condominium" or be followed by the words "a
135	135	condominium", and the association;
136	136	(2) the name of every county in which any part
137	137	of the condominium is situated;
138	138	(3) a description, legally sufficient for
139	139	conveyance, of the real estate included in the condominium;
140	140	(4) a statement of the maximum number of units
141	141	that the declarant reserves the right to create;
142	142	(5) a description of the boundaries of each
143	143	unit created by the declaration, including the unit's
144	144	identifying number;
145	145	(6) a description of any limited common
146	146	elements, other than those specified in Subsections B, D and E
147	147	of Section 47-7B-2 NMSA 1978, as provided in Section 47-7B-9
148	148	NMSA 1978;
149	149	(7) a description of any real estate, except
150	150	real estate subject to development rights, that may be
151	151	allocated subsequently as limited common elements, other than
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180	180	limited common elements specified in Subsections B, D and E of
181	181	Section 47-7B-2 NMSA 1978, together with a statement that they
182	182	may be so allocated;
183	183	(8) a description of any development rights
184	184	and other special declarant rights reserved by the declarant,
185	185	together with a legally sufficient description of the real
186	186	estate to which each of those rights applies, and a time limit
187	187	within which each of those rights must be exercised;
188	188	(9) if any development right may be exercised
189	189	with respect to different parcels of real estate at different
190	190	times, a statement to that effect together with either a
191	191	statement fixing the boundaries of those portions and
192	192	regulating the order in which those portions may be subjected
193	193	to the exercise of each development right, or a statement that
194	194	no assurances are made in those regards, and a statement as to
195	195	whether, if any development right is exercised in any portion
196	196	of the real estate subject to that development right, that
197	197	development right must be exercised in all or in any other
198	198	portion of the remainder of that real estate;
199	199	(10) any other conditions or limitations under
200	200	which the rights described in Paragraph (8) of this subsection
201	201	shall be exercised or they shall lapse;
202	202	(11) an allocation to each unit of the
203	203	allocated interests in the manner described in Section 47-7B-7
204	204	NMSA 1978;
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233	233	(12) any restrictions on use, occupancy and
234	234	alienation of the units;
235	235	(13) if required by local ordinance, written
236	236	confirmation from the local zoning official that the
237	237	condominium complies with the zoning density requirements of
238	238	local zoning and subdivision ordinances or regulations as
239	239	required in Section 47-7A-6 NMSA 1978; [and ]
240	240	(14) on or after July 1, 2025, a statement
241	241	that reads: "At least fifty-five percent of the total units of
242	242	this condominium shall be owner-occupied. At least thirty-five
243	243	percent of the members of the governing body of the association
244	244	that manages this condominium shall own and occupy a unit
245	245	within this condominium."; and
246	246	[(14)] (15) all matters required by Sections
247	247	47-7B-6 through 47-7B-9, 47-7B-15, 47-7B-16 and Subsection D of
248	248	Section 47-7C-3 NMSA 1978.
249	249	B. The declaration may contain any other matters
250	250	that the declarant deems appropriate."
251	251	SECTION 3. EFFECTIVE DATE.--The effective date of the
252	252	provisions of this act is July 1, 2025.
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