Summary:

 House Bill 122 (HB 122) requires that at least fifty-five percent of condominium units created on or after July 1, 2025 are owner-occupied; and requires that at least thirty-five percent of the members of the governing body of associations that manage a condominium created on or after July 1, 2025 own and occupy units within that condominium. 

Legislation Overview:

 House Bill 122 (HB 122) Section 47-7B-1 NMSA 1978 is amended to state that a condominium that is newly constructed, consists of twelve or more units or that receives a subsidy, money, land, tax abatement, deferred tax or any other thing of value from a federal, state or local government source for the purpose of renovations or any other purpose must: 
(1) require that at least fifty-five percent of the units of a condominium created by a declaration recorded on or after July 1, 2025 be owner-occupied; and 
(2) require that at least thirty-five percent of the members of the governing body of an association that manages a condominium created on or after July 1, 2025 own and occupy units within that condominium.

Section 47-7B-5 NMSA 1978 is also amended to state that on or after July 1, 2025, the declaration for a condominium must contain a statement that reads: "At least fifty-five percent of the total units of this condominium shall be owner-occupied. At least thirty-five percent of the members of the governing body of the association that manages this condominium shall own and occupy a unit within this condominium.”
 

Current Law:

 Current law does not include the requirements specified.