NEW HOMES DEVELOPMENT PROGRAM

HB0251

HOUSE BILL 251

57th legislature - STATE OF NEW MEXICO - second session, 2026

INTRODUCED BY

Cristina Parajón
and
Heather Berghmans
and
Gail Armstrong

and
Cindy Nava

AN ACT

RELATING TO HOUSING; CREATING THE NEW HOMES DEVELOPMENT PROGRAM
IN THE NEW MEXICO MORTGAGE FINANCE AUTHORITY; PRESCRIBING
DUTIES; REQUIRING REPORTING; MAKING AN APPROPRIATION.

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

SECTION 1.
A new section of the Affordable Housing Act is
enacted to read:

"[
NEW MATERIAL
] NEW HOMES DEVELOPMENT PROGRAM CREATED--ADMINISTRATION--REPORTING.--

A. As used in this section:

(1) "home buyer assistance" means a housing
assistance grant provided to a qualifying grantee pursuant to
the Affordable Housing Act that meets eligibility requirements
for the program; and

(2) "program" means the new homes development
program.

B. The "new homes development program" is created
in the authority to provide home buyer assistance to qualifying
grantees.

C. The authority shall administer the program and
promulgate rules that provide for:

(1) administration and oversight of the
program;

(2) eligibility requirements for home buyers
to participate in the program;

(3) disbursement of home buyer assistance; and

(4) procedures for repayment of home buyer
assistance.

D. Home buyer assistance disbursed pursuant to this
section shall:

(1) not exceed ten thousand dollars ($10,000)
per qualifying grantee;

(2) be used only to purchase a home for which
a certificate of occupancy has been issued within twelve months
prior to the assistance being awarded; and

(3) be disbursed at the time the qualifying
grantee enters into an agreement to purchase a home using home
buyer assistance.

E. Beginning July 1, 2027, the authority shall
submit a report annually to the Mortgage Finance Authority Act
oversight committee. The report shall include:

(1) the number of home buyer assistance grants
awarded; and

(2) recommendations for program continuation,
alteration, expansion or cancellation."

SECTION 2.
APPROPRIATION.--Thirty million dollars
($30,000,000) is appropriated from the general fund to the
department of finance and administration for expenditure in
fiscal years 2027 through 2029 by the New Mexico mortgage
finance authority to conduct the new homes development program.
Any unexpended balance remaining at the end of fiscal year 2029
shall revert to the general fund.

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