Summary:

 Senate Bill 422 (SB 422) appropriates five million dollars ($5,000,000) for operational support for affordable housing nonprofit organizations.

 

Legislation Overview:

 Senate Bill 422 (SB 422) appropriates five million dollars ($5,000,000) from the General Fund (GF) to the Department of Finance and Administration (DFA) for expenditure in Fiscal Year (FY) 2026 through FY 2030 for the New Mexico Mortgage Finance Authority (MFA)(Housing NM) to provide operational funding and technical assistance grants to nonprofit organizations that provide affordable housing, homelessness services, or transitional housing. 
Any unexpended or unencumbered balance remaining at the end of FY 2030 reverts to the GF.

 

Current Law:

  In 1975, the New Mexico state legislature created Housing New Mexico, a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality, with the power to raise funds from private investors in order to make such private funds available to finance the acquisition, construction, rehabilitation and improvement of residential housing for persons and families of low- and moderate-income within the state. Since 1975, Housing New Mexico has helped more than 475,000 New Mexicans find quality affordable housing.
The citizens of the state adopted a constitutional amendment exception to the anti-donation clause which implemented the provisions of the Affordable Housing Act (2004)(Section 6-27-1 et seq NMSA 1978)  allowing public-private partnerships for affordable housing activities.  MFA receives state homeless and federal Emergency Solutions Grant (ESG) funds to support emergency shelter operations, essential service and data collection.