Senate Bill 27 (SB 27) expands the purpose of the New Mexico Housing Trust Fund Act to include the preservation of housing. It permits the development of program guidelines and certain funds to be awarded based on need. SB declares an emergency.
Senate Bill 27 (SB 27) expands the purpose of the New Mexico Housing Trust Fund Act (Section 58-18C-1 et seq NMSA 1978) to include the preservation of housing, not just its production. It makes changes in Section 58-18C-3 NMRA 1978 (definitions) to reflect this additional purpose.
SB 27 confers on the NM Housing Trust fund Advisory Committee in Section 58-18C-5 NMRA 1978 the power to review program guidelines and to make recommendations to the authority for funding them and to establish the standards for such review.
It allows trust funds to be awarded either on a competitive basis or based on need as determined by the authority. It directs the advisory committee and the authority’s staff to work together to develop program guidelines for need-based awards.
The requirement for matching funding sources has been changed from an annual calculation to an overall calculation.
SB 27 declares an emergency.