46th legislature - STATE OF NEW MEXICO - first session, 2003

REQUESTING THE NEW MEXICO MORTGAGE FINANCE AUTHORITY TO CONVENE A TASK FORCE TO SELECT REVENUE SOURCES FOR A STATE HOUSING TRUST FUND.

WHEREAS, several states have created housing trust funds capitalized by dedicated revenues; and

WHEREAS, the legislature created the land title trust fund in 1997 funded by a voluntary contribution of interest earnings from real estate escrow accounts held by title companies; and

WHEREAS, the income stream to the land title trust fund is limited, and there are restrictions on the use of the fund, reducing its flexibility; and

WHEREAS, the legislature in 2002 requested the New Mexico mortgage finance authority to study the feasibility of creating a state housing trust fund and to identify potential revenue sources, fund administration and eligible fund uses; and

WHEREAS, the New Mexico mortgage finance authority has completed the study and reported its findings and recommendations to the legislature;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico mortgage finance authority be requested to lead a task force comprised of stakeholders to recommend revenue sources for a state housing trust fund; and

BE IT FURTHER RESOLVED that the New Mexico mortgage finance authority report its recommendation to the legislature by the date the second session of the forty-sixth legislature convenes in regular session; and

BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the New Mexico mortgage finance authority.