Bill > HB168

This bill establishes the "New Homes for New Mexico Program," which will be managed by the New Mexico Mortgage Finance Authority (MFA). The program aims to provide zero-interest loans of up to $50,000 for starter homes outside of high-cost counties (Los Alamos, Santa Fe, and Taos) or up to $75,000 within these counties, to eligible buyers who have not previously owned a home and whose income is below 120% of the area median income for a family of four. Eligible builders will be selected through a competitive bidding process to construct starter homes, which have specific size and lot limitations, and must be affordable to qualified buyers. The MFA will create rules to govern the program, including eligibility criteria for buyers and builders, loan disbursement and repayment, and verification that the purchased home remains the buyer's primary residence. Loan repayments will be deposited back into the program's account for future use. The bill also appropriates $10 million from the general fund to the MFA for the program's implementation, with any unexpended funds not reverting to the general fund at the end of a fiscal year.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=168&year=26