NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Ponce

 

DATE TYPED:

02/14/03

 

HB

434

 

SHORT TITLE:

Chaves County Low Income Housing

 

SB

 

 

 

ANALYST:

Padilla

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

$100.0

 

 

Non-recurring

General Fund

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

LFC Files

 

Responses Received From

Department of Finance and Administration

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 434 appropriates $100.0 from the general fund to DFA’s Local Government Division for the purpose of surveying low-income housing needs in Chaves County.

 

     Significant Issues

 

The bill stipulates that a seven-member advisory committee from Chaves County, including five low-income housing activists and two county government officials, would work with the Local Government division to perform the survey. 

 

The New Mexico Mortgage Finance Authority, in partnership with the Local Government Division, takes leadership for affordable housing issues in New Mexico.  DFA believes the MFA may have a role in carrying out the intent of this bill.

 

 

 

FISCAL IMPLICATIONS

 

The appropriation of $100.0 contained in this bill is a non-recurring expense to the general fund.  The study called for in the bill would presumably be conducted only once.  Any unexpended or unencumbered balance remaining at the end of fiscal year 04 shall revert to the general fund. 

 

ADMINISTRATIVE IMPLICATIONS

 

DFA believes the bill does not provide adequate funding to the Local Government Divison to carry out the intent of this bill.

 

POSSIBLE QUESTIONS

 

1.      Are there other types of funds available for the purpose of a housing survey?  Could Community Development Block Grant funds be used for this type of planning tool?

 

LP/yr