Bill > HB167

This bill establishes new requirements for the sale of mobile home parks, mandating that owners must provide written notice to each resident and the New Mexico mortgage finance authority of any third-party offer they intend to accept, detailing the sale's terms and price. This notice creates an "opportunity to purchase" for the residents, giving them a window of 75 days to present a comparable offer and secure financing within 90 days, with the possibility of extending these timelines by mutual agreement. The bill also amends the state's capital gains income tax deduction, increasing it to 50% for net capital gain income derived from the sale of a mobile home park to residents under these new provisions, and this deduction will be tracked as a tax expenditure. The bill outlines specific penalties for owners who violate these notice and opportunity-to-purchase requirements, including significant financial liability to residents, and clarifies that these provisions apply broadly, with certain exceptions such as foreclosures or sales to family members.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=167&year=26