Legislation Detail
SB 31 MFA AFFORDABLE HOUSING ACT FUNDS
Actions: [1] SCC/SHPAC/SFC-SCC-germane-SHPAC
Scheduled: Not Scheduled
Senate Bill 31 (SB 31) This act proposes a financial allocation to support the Affordable Housing Act through the New Mexico Mortgage Finance Authority. The funds are intended to be used to carry out the objectives of the Affordable Housing Act. The proposal focuses on initiatives to make housing more accessible and affordable within the state.Legislation Overview:
Senate Bill 31 (SB 31): Section 1: Appropriation States that $500,000 is appropriated from the general fund to the Department of Finance and Administration. The bill specifies that this appropriation is for expenditure in fiscal year 2025 and subsequent fiscal years and designates the New Mexico Mortgage Finance Authority as the entity to receive and utilize the funds. The bill also states that the purpose of the appropriation is to carry out the purposes of the Affordable Housing Act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.