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 for other purposes.

 

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

 

 

 

SPONSOR:

Miera

 

DATE TYPED:

02/20/03

 

HB

469

 

SHORT TITLE:

Assist NM Homeowners With Disabilities

 

SB

 

 

 

ANALYST:

Martinez

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

$200.0

 

 

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

 

 

 

 

$200.0

 

Recurring

New Fund

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

Responses Received From

Regulation and Licensing Department

Attorney General’s Office

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 469 appropriates $200.0 from the general fund to the Department of Finance and Administration and to the New Mexico Mortgage Finance Authority under a joint powers agreement, for the purpose of establishing a homeowners down payment assistance revolving fund for individuals with disabilities and for associated technical assistance.  The homeowners down payment assistance revolving fund created by this bill will be funded by the $50.0 from the appropriation.  The remaining $150.0 will fund technical assistance including financial and housing counseling, educational workshops regarding money management/mortgage responsibilities, a housing issues referral system, a housing options education program, and training for volunteers.

 

FISCAL IMPLICATIONS

 

The appropriation of $200.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the general fund.  Since there is no other source of funding proposed for the revolving fund, it appears the revenue will continue to come from the general fund in the future.

 

TECHNICAL ISSUES

 

Neither the bill title, or the bill, directly create the “down payment assistance revolving loan fund,” cited on page 1, line 21.

 

POSSIBLE QUESTIONS

 

  1. Will this new fund and program reach statewide or is it intended for specific communities?

 

  1. How will this program differ/overlap the NMFA existing Helping Hand program that provides housing loan assistance for individuals with disabilities?  Will services overlap the Housing Opportunities for People with AIDS program?

 

  1. Will the referrals stated in this bill include referrals to various community housing development programs?

 

MM/prr:yr:njw