45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO HOUSING; MAKING AN APPROPRIATION AND PROVISIONS FOR A STATEWIDE HOUSING REHABILITATION LOAN PROGRAM; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. APPROPRIATION--PURPOSE--FUND TO BE ESTABLISHED--FEDERAL FUNDS--DEFINITION.--

A. Two million five hundred thousand dollars ($2,500,000) is appropriated from the general fund to the New Mexico mortgage finance authority for expenditure in fiscal years 2001 and 2002 for a statewide loan program for the rehabilitation of substandard housing. Any unexpended or unencumbered balance remaining at the end of fiscal year 2002 shall not revert to the general fund.

B. The purpose of the appropriation made in Subsection A of this section is to rehabilitate residential housing that is currently considered substandard and constitutes a health and safety risk to the homeowner.

C. The New Mexico mortgage finance authority shall establish a revolving loan fund for the purposes of making loans to eligible persons and for receiving repayment of those loans.

D. Funds appropriated shall be used to maximize federal housing and urban development matching funds available for the purpose of the appropriation made in Subsection A of this section.

E. The New Mexico mortgage finance authority board shall promulgate rules for the implementation and administration of the housing rehabilitation program.

F. As used in this section, "substandard housing" means housing that is deteriorating because it needs more repair than would be provided in the normal course of maintenance and has one or more defects that must be corrected if the dwelling unit is to provide safe and adequate shelter.

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.