REQUESTING THE NEW MEXICO MORTGAGE FINANCE AUTHORITY TO STUDY THE FEASIBILITY OF ESTABLISHING A STATE HOUSING TRUST FUND.

WHEREAS, several states have created housing trust funds capitalized by dedicated revenues; and

WHEREAS, the legislature created the land title trust fund in 1997 funded by a voluntary contribution of interest earnings from real estate escrow accounts held by title companies; and

WHEREAS, the New Mexico mortgage finance authority, which can administer grants and make loans to support affordable housing, administers the land title trust fund; and

WHEREAS, the income stream to the land title trust fund is limited, and there are restrictions on the use of the fund reducing its flexibility;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico mortgage finance authority be requested to study the feasibility of creating a state housing trust fund and that the study include:

A. potential sources of revenue for the fund;

B. administration of the fund; and

C. eligible uses of the fund; and

BE IT FURTHER RESOLVED that the New Mexico mortgage finance authority report its findings and recommendations to the legislature by the convening of the first session of the forty-sixth legislature; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the New Mexico mortgage finance authority.