Actions:  SHPAC/SFC-SHPAC  DP-SFC
Scheduled: Not Scheduled
Senate Bill 140 (SB 140) appropriates forty-eight million dollars ($48,000,000) to the New Mexico Housing Trust Fund. The Mortgage Finance Authority Act Oversight Committee endorsed SB 140.Legislation Overview:
Senate Bill 140 (SB 140) appropriates forty-eight million dollars ($48,000,000) from the General Fund (GF) to the NM Mortgage Finance Authority for expenditure in Fiscal Year (FY) 2024 and subsequent FYs to the New Mexico Housing Trust Fund for the stated purposes of that fund. Any unexpended or unencumbered balance remaining at the end of a FY will not revert to the GF. The Mortgage Finance Authority Act Oversight Committee endorsed SB 140Current Law:
Created in 2005, the New Mexico Housing Trust Fund has grown from $18.7 million in appropriations to $24.5 million as a result of interest earned over the years. Through a competitive application process, MFA has awarded thirty-five million ($35,000,000) to forty-five housing projects for 2,400 housing units. Besides appropriations, the fund relies on income from investments, interest and loan repayments. https://www.nmlegis.gov/handouts/MFA%20072415%20Item%203%20New%20Mexico%20Housing%20Trust%20Fund.pdf In 2022, the state dedicated a new recurring funding source of 2.5% of the annual severance tax bond capacity to the NM Housing Trust Fund. This new source was expected to generate an estimated twenty to twenty-five million dollars ($20,000,000-25,000,000) annually in dedicated funding for the New Mexico Housing Trust Fund.