New Mexico 2025 Regular Session

New Mexico Senate Bill SB145 Compare Versions

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

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28	28	SENATE BILL 145
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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39	39	MEXICO
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42	42	FIRST SESSION
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45	45	2025
46	46	INTRODUCED BY
47	47	Roberto "Bobby" J. Gonzales
48	48	ENDORSED BY THE MORTGAGE FINANCE AUTHORITY ACT
49	49	OVERSIGHT COMMITTEE
50	50	AN ACT
51	51	MAKING APPROPRIATIONS TO THE NEW MEXICO HOUSING TRUST FUND TO
52	52	CARRY OUT THE PURPOSES OF THE NEW MEXICO HOUSING TRUST FUND ACT
53	53	AND TO MAKE MONEY AVAILABLE TO MUNICIPALITIES AND COUNTIES FOR
54	54	AFFORDABLE HOUSING PROJECTS.
55	55	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
56	56	SECTION 1. APPROPRIATIONS.--
57	57	A. Five hundred million dollars ($500,000,000) is
58	58	appropriated from the general fund to the New Mexico housing
59	59	trust fund for expenditure in fiscal year 2026 and subsequent
60	60	fiscal years for the New Mexico mortgage finance authority to
61	61	carry out the purposes provided in Subsection B of this section
62	62	and the purposes of the New Mexico Housing Trust Fund Act.
63	63	Except as provided in Subsection C of this section, any
64	64	unexpended or unencumbered balance remaining at the end of a
65	65	.229115.3SA underscored material = new
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92	92	fiscal year shall not revert to any other fund.
93	93	B. Ten percent of the amount appropriated pursuant
94	94	to Subsection A of this section shall be made available for the
95	95	New Mexico mortgage finance authority to award funding to a
96	96	municipality or county for affordable housing projects,
97	97	including new construction or rehabilitation of existing
98	98	affordable housing; provided that the municipality or county:
99	99	(1) can provide no less than three times the
100	100	matching funds from sources other than the state;
101	101	(2) has adopted affordable housing plans and
102	102	ordinances pursuant to the Affordable Housing Act; and
103	103	(3) shall administer the project pursuant to
104	104	the rules of the New Mexico Housing Trust Fund Act.
105	105	C. The New Mexico mortgage finance authority shall
106	106	prioritize affordable housing projects funded pursuant to
107	107	Subsection B of this section that are located in municipalities
108	108	and counties that have expedited zoning processes that support
109	109	affordable housing development projects. If any unexpended or
110	110	unencumbered balance remains at the completion of a project,
111	111	the municipality or county shall return the balance to the New
112	112	Mexico mortgage finance authority, and the New Mexico mortgage
113	113	finance authority shall deposit the returned amount in the New
114	114	Mexico housing trust fund. Money not awarded for projects
115	115	twelve months after the effective date of this section may be
116	116	used to carry out the purposes of the New Mexico Housing Trust
117	117	.229115.3SA
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145	145	Fund Act.
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