HOUSE BILL 167
57th legislature - STATE OF NEW MEXICO - second session, 2026
INTRODUCED BY
Cristina Parajón and Patricia Roybal Caballero
AN ACT
RELATING TO PROPERTY; ENACTING A NEW SECTION OF THE MOBILE HOME PARK ACT TO REQUIRE NOTICE BEFORE THE SALE OF A MOBILE HOME PARK; CREATING AN OPPORTUNITY TO PURCHASE; PROVIDING FOR ENFORCEMENT; INCREASING THE AMOUNT OF THE CAPITAL GAINS INCOME TAX DEDUCTION FOR THE SALE OF A MOBILE HOME PARK TO RESIDENTS OF THE MOBILE HOME PARK PURSUANT TO THE MOBILE HOME PARK ACT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Mobile Home Park Act is enacted to read:
"[NEW MATERIAL] SALE OF A MOBILE HOME PARK--NOTICE REQUIREMENTS--OPPORTUNITY TO PURCHASE.--
A. Before a mobile home park may be sold, the owner shall notify each resident of the mobile home park and the executive director of the New Mexico mortgage finance authority of any third-party offer to purchase that the owner intends to accept.
B. All notices pursuant to this section shall:
(1) be in writing;
(2) be sent by first-class certified mail with tracking and return receipt requested;
(3) be posted on the front door of each resident household in the mobile home park;
(4) include the material terms, conditions and amount of the offer;
(5) in the case of a proposed sale of more than one mobile home park or a mobile home park and one or more other nonrelated properties in a single transaction, state both the aggregate price and the price of the mobile home park in which the residents receiving the notice reside; and
(6) include a notice that enumerates the residents' rights as provided in this section.
C. The owner shall provide the residents the opportunity to purchase the mobile home park before the owner accepts the third-party offer to purchase identified in the notice to residents if:
(1) within seventy-five days from the date when notice was posted on residents' homes, the owner is provided:
(a) documentation that verifies that the owners of at least fifty-one percent of the mobile homes in the mobile home park that are occupied by a resident or a family member of the resident have approved purchase of the mobile home park by the residents; and
(b) a proposed purchase and sale agreement offered at the same price and on substantially equivalent terms and conditions as the offer to purchase identified by the owner in the notice to the residents;
(2) residents who wish to purchase the mobile home park execute a purchase and sale agreement and within ninety days following execution obtain a binding commitment for any necessary financing or guarantees; and
(3) residents who wish to purchase the mobile home park close on the purchase within a commercially reasonable amount of time specified in the purchase and sale agreement.
D. Residents and an owner may extend any of the time periods provided in Subsection C of this section by agreement.
E. An owner shall not refuse to enter into or delay the execution or closing on a purchase and sale agreement with residents who submit an offer that contains the same price and substantially equivalent terms and conditions to the third-party offer. A failure by residents to meet the requirements of Paragraphs (1) through (3) of Subsection C of this section shall terminate the residents' opportunity to purchase.
F. In the event that residents submit a proposed purchase and sale agreement that an owner does not consider to be the same price or substantially equivalent in terms and conditions to the third-party offer, the owner shall negotiate with the residents in good faith to determine if an agreement can be made that would allow the residents to purchase the mobile home park. The duty of good faith includes a duty to make the same information available to residents that the owner has provided to the third-party offeror or another prospective purchaser. If the owner rejects the residents' proposed purchase agreement, the owner must provide the reason in writing to the residents within three days of the date of rejection. It shall be presumptive evidence of bad faith if an owner attempts to, or does, require the residents to waive any of their rights.
G. An owner may accept a third-party offer to purchase the owner's mobile home park before providing the notice and opportunity to purchase pursuant to Subsections A and B of this section if the purchase and sale agreement executed stipulates that the residents shall be provided with notice and the opportunity to purchase the mobile home park in accordance with Subsections A and B of this section before the sale may be finalized.
H. Nothing in this section shall be construed to require an owner to provide financing to residents, except to the extent that financing would be provided to a third-party offeror. The residents who wish to purchase the mobile home park as provided in this section may assign their rights provided in this section to a local or state government, state agency, housing authority, tribal government or nonprofit organization for the purpose of continuing the use as a mobile home park.
I. The opportunity to purchase created in this section shall inure to the residents beginning on the date that notice was received by each of the residents. An owner shall comply with all provisions of this section in connection with any new offer to sell the owner's mobile home park or any new offer to purchase the owner's mobile home park that the owner intends to accept. A new offer to purchase or sell the owner's mobile home park shall initiate a new effective period for the opportunity to purchase.
J. If residents have submitted a proposed purchase and sale agreement that meets the price and is substantially equivalent in terms and conditions to the offer that the owner intends to accept, the residents may record an affidavit with the county clerk of any county where the mobile home park is located certifying that an offer has been made to the owner by the residents.
K. The provisions of this section shall apply to all counties and municipalities, including home rule municipalities.
L. An owner shall not be required to give notice to residents as required in this section if:
(1) a bank, mortgage company or any other mortgagee has foreclosed on the mobile home park and the mortgagee is selling the mobile home park:
(a) at a foreclosure sale; or
(b) after having purchased the mobile home park at a foreclosure sale;
(2) the sale or transfer is to a family member of the owner or to a trust, the beneficiaries of which are family members of the owner;
(3) the sale or transfer is by a partnership to one or more of its partners;
(4) the conveyance of an interest in the mobile home park is incidental to the financing of the mobile home park;
(5) the sale or transfer is between joint tenants or tenants in common; or
(6) the sale is pursuant to eminent domain.
M. An owner who sells a mobile home park in violation of the provisions of this section shall be liable to each resident who together with other residents offered to purchase the mobile home park. An owner who violates the provisions of this section shall be liable for the aggregate amount of one hundred thousand dollars ($100,000) or twenty percent of the appraised value of the mobile home park, whichever is greater. The damages owed to a resident by an owner shall be a lien on the mobile home park property and shall take priority over a third-party buyer's interest. For the purposes of this subsection, residents who possessed the opportunity to purchase shall select a real estate appraiser licensed pursuant to the Real Estate Appraisers Act, and the owner shall be liable for the reasonable cost of the appraisal.
N. An action to enforce the provisions of this section may be brought by:
(1) the attorney general;
(2) a resident or residents who possess the opportunity to purchase; or
(3) a person who has been assigned the opportunity to purchase.
O. A resident who prevails in an action brought to enforce this section shall be entitled to receive reasonable attorney fees and court costs from the owner.
P. If an organization controlled by residents or a group of residents becomes the owner of a mobile home park pursuant to this section, the organization shall be open to membership to all owners of mobile homes who occupy the home and live in the community."
SECTION 2. Section 7-2-34 NMSA 1978 (being Laws 1999, Chapter 205, Section 1, as amended) is amended to read:
"7-2-34. DEDUCTION--NET CAPITAL GAIN INCOME.--
A. A taxpayer may claim a deduction from net income in an amount equal to the greater of:
(1) the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed, but not to exceed two thousand five hundred dollars ($2,500); [or]
(2) forty percent of up to one million dollars ($1,000,000) of the taxpayer's net capital gain income from the sale of a business that is allocated or apportioned to New Mexico pursuant to Section 7-2-11 NMSA 1978 for the taxable year for which the deduction is being claimed; or
(3) fifty percent of the taxpayer's net capital gain income from the sale of a mobile home park pursuant to Section 1 of this 2026 act.
B. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on the joint return.
C. The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction.
[C.] D. As used in this section, "net capital gain" means "net capital gain" as defined in Section 1222 (11) of the Internal Revenue Code."
SECTION 3. APPLICABILITY.--The provisions of Section 2 of this act apply to taxable years beginning on or after January 1, 2026.
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