HOUSE BILL 487

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Nathan P. Cote

AN ACT

MAKING AN APPROPRIATION FOR THE PURPOSE OF SUPPLEMENTING A FUND USED TO PURCHASE MORTGAGE LOANS MADE TO LOW-INCOME HOMEOWNERS.

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

     Section 1. APPROPRIATION--LOW-INCOME MORTGAGE LOANS.--Five million dollars ($5,000,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal year 2009 and subsequent fiscal years for the purpose of supplementing the partners' fund to be used by the New Mexico mortgage finance authority to purchase mortgage loans made to low-income homeowners in New Mexico. The terms of the purchases shall be established by the New Mexico mortgage finance authority, provided that no more than five percent of the cost of each loan purchased shall be retained by the authority for administrative expenses. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert.

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