Roadrunner Capitol Reports
Legislation Detail

HB 24 OWNER-OCCUPIED CONDOS & ASSOCIATIONS

Rep Kathleen M Cates

Actions: HPREF [1] not prntd-HRC

Scheduled: Not Scheduled

image of sponsor
Summary:
 House Bill 24 (HB 24) amends property law relating to condominiums to require that by July 2, 2024, at least 55 percent of units of condominiums are owner-occupied and to require at least 35 percent of the members of the governing body of associations that manage a condominium own and occupy units within that condominium.
 
Legislation Overview:
 House Bill 24 (HB 24) amends property law relating to condominiums in Section 47-7B-1 NMSA 1978 (being Laws 1982, Chapter 27, Section 13).

SECTION 1 amends Creation of Condominium as follows:
Subsection C is inserted to require that at least 55 percent of the units of a condominium created on or after July 1, 2024, shall be owner-occupied.

Subsection D is inserted to require at least 35 percent of the members of the governing body of an association that manages a condominium created after July 1, 2024, shall own and occupy units within that condominium.

SECTION 2 amends Subsection A of Contents of Declaration Section 47-7B-5 NMSA 1978 (being Laws 1982, Chapter 27, Section 17, as amended) to insert that by July 1, 2024, a declaration for a condominium shall contain:
(14) a statement that publicizes the changes specified in Section 1, Subsections C and D.

SECTION 3 makes the effective date of the provisions of this act is July 1, 2024. 
Current Law:
 HB 24 adds requirements to property law regarding condominiums to require that 55 percent of the units be owner-occupied and that 35 percent of the members of governing boards of associations own and occupy units in the condominium.