Bill > HB194

This bill expands the Metropolitan Redevelopment Code to address housing shortages by allowing local governments to designate "housing shortage areas" and undertake redevelopment projects within them, which can include the construction of qualifying multifamily properties. A "qualifying multifamily property" is defined as a residential building with five or more units where at least 15% of the units are designated as "qualifying multifamily units" rented to households earning between 70% and 95% of the area median income at specific rental rates. Importantly, this bill exempts qualifying multifamily properties in these designated areas from property taxes for up to twenty years, a significant extension from the previous seven-year limit, to encourage the development of affordable housing.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=194&year=26