HOUSE BILL 251

57th legislature - STATE OF NEW MEXICO - second session, 2026

INTRODUCED BY

Cristina Parajón

 

 

 

 

 

AN ACT

RELATING TO HOUSING; CREATING THE NEW HOMES DEVELOPMENT PROGRAM IN THE NEW MEXICO MORTGAGE FINANCE AUTHORITY; PRESCRIBING DUTIES; REQUIRING REPORTING; MAKING AN APPROPRIATION.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Affordable Housing Act is enacted to read:

     "[NEW MATERIAL] NEW HOMES DEVELOPMENT PROGRAM CREATED--ADMINISTRATION--REPORTING.--

          A. As used in this section:

                (1) "home buyer assistance" means a housing assistance grant provided to a qualifying grantee pursuant to the Affordable Housing Act that meets eligibility requirements for the program; and

                (2) "program" means the new homes development program.

          B. The "new homes development program" is created in the authority to provide home buyer assistance to qualifying grantees.

          C. The authority shall administer the program and promulgate rules that provide for:

                (1) administration and oversight of the program;

                (2) eligibility requirements for home buyers to participate in the program;

                (3) disbursement of home buyer assistance; and

                (4) procedures for repayment of home buyer assistance.

          D. Home buyer assistance disbursed pursuant to this section shall:

                (1) not exceed ten thousand dollars ($10,000) per qualifying grantee;

                (2) be used only to purchase a home for which a certificate of occupancy has been issued within twelve months prior to the assistance being awarded; and

                (3) be disbursed at the time the qualifying grantee enters into an agreement to purchase a home using home buyer assistance.

          E. Beginning July 1, 2027, the authority shall submit a report annually to the Mortgage Finance Authority Act oversight committee. The report shall include:

                (1) the number of home buyer assistance grants awarded; and

                (2) recommendations for program continuation, alteration, expansion or cancellation."

     SECTION 2. APPROPRIATION.--Thirty million dollars ($30,000,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal years 2027 through 2029 by the New Mexico mortgage finance authority to conduct the new homes development program. Any unexpended balance remaining at the end of fiscal year 2029 shall revert to the general fund.

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