Summary:

 Senate Bill 223 (SB 223) amends the Local Economic Development Act to require a qualifying entity to conduct a housing study prior to submitting an application for public support. Adds definitions. SB 223 amends application and evaluation requirements. 

Legislation Overview:

 Senate Bill 223 (SB 223) amends the Local Economic Development Act (Act) to require a qualifying entity to conduct a housing study prior to submitting an application for public support.
SECTION 1 amends the Definitions as used in the Act to insert Subsection G providing a definition of housing study.
SECTION 2  amends Economic Development Plan to insert Subsection B:
B. The economic development plan or ordinance adopting the plan shall include a requirement that a qualifying entity shall conduct a housing study of the counties and municipalities to be affected by the implementation of the proposed economic development project prior to submitting an application for public support of the qualifying entity's economic development project; provided that the qualifying entity conducting the housing study shall not solely rely on a cost burden analysis.
SECTION 3 amends Applications for Public Support to insert Subsection B to provide that a qualifying entity shall conduct a housing study as specified prior to submitting an application for public support.
Subsection C is amended to provide that the application shall include the findings of the housing study. 
SECTION 4 amends Project Evaluation in Subsection B to insert the findings of the housing study shall be included in the local or regional government evaluation of an application. 

Current Law:

 Senate Bill 223 makes changes to multiple sections of the Local Economic Development Act, as there currently is no requirement for a housing study in the application process. 
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)