HOUSING TRUST FUND & AFFORDABLE HOUSING

SB 145 appropriates $500 million from New Mexico's general fund to the Housing Trust Fund for affordable housing projects. It allocates 10% ($50 million) specifically for municipalities and counties to fund new construction or rehabilitation of affordable housing, requiring local entities to provide three times the matching funds, have approved housing plans, and follow state trust fund rules. The bill prioritizes projects in areas with expedited zoning for affordable housing and requires unspent funds to be returned to the trust fund. This directly affects local governments seeking state funding for housing initiatives that meet these specific criteria.