[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Lopez

 

DATE TYPED:

02/08/02

 

HB

 

 

SHORT TITLE:

MFA Housing Rehabilitation Loan Program

 

SB

371

 

 

ANALYST:

Sandoval

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

$25.0

 

 

Recurring

General Fund

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Relates to SB 412 and SB 309

 

SOURCES OF INFORMATION

 
LFC files

 

No Response

Department of Finance and Administration (DFA)

 

SUMMARY

 

Senate Bill 371 appropriates $25.0 from the general fund to the Department of Finance and Administration for the purpose of funding a housing rehabilitation loan program through the New Mexico Mortgage Finance Authority for rehabilitation of substandard residential housing in Bernalillo county.

 

FISCAL IMPLICATIONS

 

The appropriation of $25.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY03 shall revert to the general fund.

 

CONFLICT/DUPLICATION/COMPANIONSHIP/RELATIONSHIP

 

1.     Senate Bill 412 duplicates Senate Bill 371, except it allocates $30.0 to Bernalillo County only. 

 

2.     Senate Bill 309 duplicates Senate Bill 371, except it allocates $25.0 to Taos, Mora and Santa Fe counties only.

 

POSSIBLE QUESTIONS

 

1.     What is the purpose and goal of the Housing Rehabilitation Loan Program?

2.     How does the program work?

3.     Who is eligible for this program?

 

JFS/ar

 [1]Begin typing on the * in replace mode.  Do not add or delete spaces.