HOUSE BILL 260
56th legislature - STATE OF NEW MEXICO - second session, 2024
INTRODUCED BY
Rod Montoya
AN ACT
RELATING TO FINANCE; REQUIRING THE NEW MEXICO MORTGAGE FINANCE AUTHORITY TO CONDUCT A STUDY ON AFFORDABLE HOUSING; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. TEMPORARY PROVISION--AFFORDABLE HOUSING STUDY--NEW MEXICO MORTGAGE FINANCE AUTHORITY--REPORTING.--
A. The New Mexico mortgage finance authority shall conduct an affordable housing study from July 1, 2024 through October 1, 2024. The study shall determine:
(1) locations in the state where affordable housing is needed;
(2) vacancies in state- and locally owned properties;
(3) state- and locally owned land that could be used for housing development; and
(4) the necessity of creating a fund to provide funding for building infrastructure.
B. The New Mexico mortgage finance authority shall report the findings of this study to the Mortgage Finance Authority Act oversight committee before November 30, 2024.
SECTION 2. APPROPRIATION.--Five hundred thousand dollars ($500,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal year 2025 for the New Mexico mortgage finance authority to conduct an affordable housing study. Any unexpended or unencumbered balance remaining at the end of fiscal year 2025 shall revert to the general fund.
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