PROFESSIONAL RECRUITMENT & RETENTION ACT

HB 118, the Professional Recruitment and Retention Act, creates a housing loan program administered by the New Mexico Mortgage Finance Authority to help qualified healthcare professionals buy homes in New Mexico. The program provides loans covering up to 10% of a home's purchase price for licensed professionals (including nurses, doctors, dentists, therapists, and social workers) who agree to practice in the state for ten years at no less than 75% full-time. If recipients leave before completing the term, they must repay a portion of the loan (100% in the first five years, 50% between five and seven years, 25% between seven and ten years) using proceeds from selling the home. The program is funded by a $5 million appropriation from the state general fund for fiscal years 2025-2026.