Bill > HB251

This bill establishes the "New Homes Development Program" within the New Mexico Mortgage Finance Authority (MFA) to provide "home buyer assistance," which is defined as a housing assistance grant for eligible individuals. The program will offer up to $10,000 per person to help purchase a newly constructed home, meaning a home that has received a certificate of occupancy within the last twelve months before the assistance is granted, and this assistance will be given when the buyer agrees to purchase the home. The MFA is tasked with administering the program, setting eligibility rules for home buyers, managing how the assistance is given out, and establishing procedures for repayment. Starting in July 2027, the MFA will also report annually to the Mortgage Finance Authority Act oversight committee on the number of grants awarded and provide recommendations for the program's future. To fund this initiative, $30 million is appropriated from the general fund to the MFA for use in fiscal years 2027 through 2029, with any remaining funds reverting to the general fund after fiscal year 2029.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=251&year=26