Bill > HB200

This bill establishes the "New Homes for New Mexico Program," which will be administered by the New Mexico Mortgage Finance Authority (MFA). The program aims to provide loans to eligible buyers to purchase "starter homes" built by "eligible builders." An eligible buyer is someone who has not previously owned a home and whose annual income is below 120% of the area median income for a family of four, as determined by the U.S. Department of Housing and Urban Development (HUD), and who will occupy the home as their primary residence. A starter home is defined as a home built by an eligible builder for purchase by an eligible buyer, meeting specific criteria established by the MFA. The program will be funded through a dedicated account, and repayments from loans will be redeposited to fund future loans. Loans will have a zero percent interest rate and will not exceed $50,000 in non-high-cost counties or $75,000 in high-cost counties (Los Alamos, Santa Fe, or Taos). Repayment is triggered by the sale of the property or if the buyer fails to occupy it as their primary residence. Eligible builders must adhere to certain construction limits, including a maximum of 1,800 square feet for the home and 5,000 square feet for the lot, and must complete construction within three years. The MFA will develop rules to govern the program's administration, eligibility criteria, loan terms, and procedures for connecting buyers and builders.