SB 7 NM HOUSING TRUST FUND

Sen Nancy Rodriguez

Actions: [1] SCC/SHPAC/SFC-SCC-germane-SHPAC

Scheduled: Not Scheduled

 Senate Bill 226663 (SB) appropriates five hundred million ($500,000,000) to the New Mexico Housing Trust Fund. 
The Mortgage Finance Authority Act Oversight Committee sought introduction of this bill. 
 

 Senate Bill (SB )  appropriates five hundred million ($500,000,000) from the General Fund (GF) to New Mexico Housing Trust Fund (NMHTF) for expenditure in Fiscal Year (FY) 2025 and subsequent FYs to so that the NM Mortgage Finance Authority (NMMFA) may carry out the provisions of the NMHTF.
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 sought introduction of this bill. 

 

 The state established the New Mexico Housing Trust Fund (NMHTF) in 2005 to provide flexible funding for housing initiatives that will provide affordable housing primarily for persons or households of low or moderate income through for-profit and nonprofit organizations, governmental, regional and tribal housing agencies, other governmental entities and instrumentalities, and other entities. The NMHTF covers the cost of infrastructure, construction, acquisition and rehabilitation necessary to support affordable single family or rental housing as prescribed by law. The NMMFA is the trustee of the fund and the State Investment Council is the investment agent of it.
According to the NMMFA webpage, from its inception to date, this funding has resulted in the development of 4,795 affordable housing units with an economic impact of $580 million across the state.