SENATE BILL 10

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

INTRODUCED BY

Richard C. Martinez

FOR THE MORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

AND THE WELFARE REFORM OVERSIGHT COMMITTEE

AN ACT

MAKING AN APPROPRIATION FOR A RESIDENTIAL ENERGY EFFICIENCY IMPROVEMENT LOAN PROGRAM; DECLARING AN EMERGENCY.

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

     Section 1. APPROPRIATION.--Two million five hundred thousand dollars ($2,500,000) 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 create and implement a residential energy efficiency improvement loan program for low- and moderate-income households whose incomes are no more than one hundred twenty percent of the area median income as defined by the United States department of housing and urban development. Energy efficiency improvements may include conversion of existing utility systems to solar systems or other energy-efficient retrofits. No more than five percent of the 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.

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

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