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SPONSOR: |
Lujan, B |
DATE TYPED: |
03/07/03 |
HB |
883/aHCPAC |
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SHORT TITLE: |
Affordable Housing Act |
SB |
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ANALYST: |
Gilbert |
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APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY03 |
FY04 |
FY03 |
FY04 |
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|
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|
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NFI |
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|
(Parenthesis
( ) Indicate Expenditure Decreases)
LFC Files
Responses
Received From
Taxation
and Revenue Department (TRD)
New
Mexico Mortgage Finance Authority (NMMFA)
SUMMARY
Synopsis
of HCPAC Amendment
House Consumer and Public Affairs Committee
amendment to House Bill 883 makes several non-substantive technical
corrections. HB 883/aHCPAC also adds a new subsections (C) and (D) to Section
5, which pertain to enactment of ordinances authorizing housing assistance
grants as outlined below:
C. The governing body
of a post-secondary educational institution may transfer land owned by that
institution to a municipality or county provided that:
1. the property transferred shall be
granted by the municipality or county as part or all of an affordable housing
grant; and
2. the post-secondary educational institution and the local government governing board shall enter into a contract that provides the post-secondary educational institution with a negotiated number of affordable housing units that shall be reserved for employees of the granting post-secondary educational institution.
D. As used in this
section, “post-secondary educational institution” means a state university or a
public community college.
Synopsis
of Original Bill
House Bill 883
implements the Affordable Housing Act to effectuate the constitutional amendment
(Subsection F of Section 14 of Article 9 of the Constitution of New Mexico)
passed by voters in 2002. This Act
enables the state, counties and municipalities to make housing assistance
grants through enactment of laws or ordinances to stimulate development of
affordable housing for low and medium income homebuyers.
The NM Mortgage
Finance Authority (NMMFA) is responsible for adopting rules necessary to carry
out the purposes of the Affordable Housing Act.
Significant
Issues
Housing assistance
grants are the donation by the state, a county or a municipality of:
q Land
for construction of an affordable housing project;
q An
existing building for conversion or renovation as affordable housing; or
q The
costs of infrastructure necessary to support affordable housing (sewage,
drainage, flood control, water systems, roads, trails recreational facilities,
landscaping, electrical and gas distribution facilities, lighting systems,
telecommunications lines, traffic control systems, and inspection and
management costs).
School districts may
also transfer land owned by the district to counties and municipalities to be
further granted as part or all of an affordable housing grant.
ADMINISTRATIVE IMPLICATIONS
The state, counties and municipalities would
need to enact laws or ordinances, as applicable, for each grant made. The NMMFA
must adopt rules, regulations, policies and procedures to ad-minister the
mandates of the Act.
RLG/prr/ls