HOUSING CREDITWORTHINESS ASSISTANCE PROGRAM

HB 453 creates New Mexico's Creditworthiness Assistance Program, administered by the state mortgage finance authority. It provides grants to help eligible individuals (participants in approved credit education programs) cover up to $5,000 in unpaid rent per person or $2,500 for property damages caused while renting. The program is funded through a new Creditworthiness Assistance Fund and requires participants to complete budgeting and credit history training. It directly affects low-income renters struggling with rent arrears or property damage claims, offering financial relief to improve their credit standing.