summary
Introduced
01/16/2024
01/16/2024
In Committee
Crossed Over
Passed
Dead
01/16/2024
01/16/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO PROPERTY; REQUIRING THAT AT LEAST FIFTY-FIVE PERCENT OF UNITS OF CONDOMINIUMS CREATED ON OR AFTER JULY 1, 2024 ARE OWNER-OCCUPIED; REQUIRING THAT AT LEAST THIRTY-FIVE PERCENT OF THE MEMBERS OF THE GOVERNING BODY OF ASSOCIATIONS THAT MANAGE A CONDOMINIUM CREATED ON OR AFTER JULY 1, 2024 OWN AND OCCUPY UNITS WITHIN THAT CONDOMINIUM.
AI Summary
This bill requires that at least 55% of the units in condominiums created on or after July 1, 2024 in New Mexico be owner-occupied, and that at least 35% of the members of the governing body of the associations managing those condominiums own and occupy units within the condominium. These provisions are aimed at increasing the percentage of owner-occupied units in new condominiums and ensuring greater representation of resident owners on the governing bodies of these associations.
Sponsors (1)
Last Action
Action Postponed Indefinitely (on 01/16/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=24&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/house/HB0024.pdf |
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