SENATE BILL 212

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Richard C. Martinez

FOR THE MORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

AN ACT

MAKING AN APPROPRIATION FOR EMERGENCY AND MINOR REPAIRS OF HOMES OCCUPIED BY LOW-INCOME PERSONS.

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

     Section 1. APPROPRIATION.--Two million dollars ($2,000,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal years 2009 and 2010 for the New Mexico mortgage finance authority to provide for emergency and minor repairs of homes occupied by low-income persons in New Mexico. Emergency and minor repairs include repairs necessitated by natural disasters, repair and replacement of roofs and accessibility modifications for physically impaired persons. No more than five percent of this appropriation shall be used by the New Mexico mortgage finance authority for administrative expenses. Any unexpended or unencumbered balance remaining at the end of fiscal year 2010 shall revert to the general fund.

- 2 -