Summary:

 House Bill 135 (HB 135) amends the Local Economic Development Act and requires a qualifying entity to conduct a housing study prior to submitting an application for public support. HB 135 adds definitions. HB 135 amends the application and evaluation requirement.
 

Legislation Overview:

 House Bill 135 (HB 135) amends Municipalities and Counties code enacting the Local Development Act (Act) as follows:

SECTION 1 amends the Act in definitions to insert Subsection G to define “housing study”.

SECTION 2 amends the Act’s section addressing the economic development plan to insert Subsection B to specify that the economic plan shall include a requirement that the qualifying entity shall conduct a housing study prior to submitting an application for public support. The housing study shall not solely rely on a cost burden analysis.  

SECTION 3 amends the Act in applications for public support to insert Subsection B:
A qualifying entity shall conduct a housing study as described in Section 2.
The new Section C is amended to insert Paragraph (2) to provide that the application shall 
include the findings of the housing study conducted pursuant to Subsection B of this section.

SECTION 4 amends the Act to insert in Subsection B directions to include the findings of the housing study in the local or regional government’s evaluation of an application.

 

Current Law:

 House Bill 135 makes changes to four sections of the Local Economic Development Act, which currently do not include requirements for a housing study, as follows: 
Section 5-10-3 NMSA 1978 (being Laws 1993, Chapter 297, Section 3, as amended by Laws 2021, Chapter 3, Section 1 and by Laws 2021, Chapter 135, Section 1)
Section 5-10-6 NMSA 1978 (being Laws 1993, Chapter 297, Section 6, as amended)
Section 5-10-8 NMSA 1978 (being Laws 1993, Chapter 297, Section 8, as amended)
Section 5-10-9 NMSA 1978 (being Laws 1993, Chapter 297, Section 9, as amended)