HOUSE BILL 32

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

Alonzo Baldonado and Michael Padilla

ENDORSED BY THE MORTGAGE FINANCE AUTHORITY ACT

OVERSIGHT COMMITTEE

AN ACT

MAKING AN APPROPRIATION TO CONTINUE TO PROVIDE DOWN PAYMENT ASSISTANCE LOANS FOR LOW- AND MODERATE-INCOME FIRST-TIME HOMEBUYERS.

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

     SECTION 1. APPROPRIATION.--One million six hundred fifty thousand dollars ($1,650,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal year 2017 and subsequent fiscal years for the New Mexico mortgage finance authority to provide down payment assistance loans for low- and moderate-income first-time homebuyers. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

.202033.1SA