Bill > SB119

This bill establishes a "demolition fund" within the state treasury, which will be managed by the local government division of the Department of Finance and Administration. This fund will receive money from various sources, including appropriations, gifts, and grants, and any money remaining at the end of a fiscal year will not be returned to other funds. The bill appropriates $5 million from the general fund to this demolition fund for fiscal year 2027 and beyond, specifically to provide grants to counties and municipalities for the purpose of demolishing condemned residential properties. Additionally, the fund will be used to reimburse residential property owners for demolition costs they incur as part of a county or municipal demolition program, provided the property is either in a slum or blighted area undergoing redevelopment or is so deteriorated that repair costs significantly exceed demolition costs. The local government division is required to create rules for administering this fund by December 1, 2026, outlining the procedures for awarding these grants and reimbursements.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=119&year=26