HOUSING STUDY FOR SOME DEVELOPMENT PROJECTS

SB 293 requires developers to complete a housing study before applying for tax increment development projects in New Mexico. The study must estimate housing demand from new "economic base jobs" expected to result from the project, including job types like regional headquarters or services generating out-of-state revenue. This requirement applies to all applicants seeking tax increment funding under the Tax Increment for Development Act. The bill adds this step to the application process without changing existing tax increment rules or funding mechanisms. (Note: The bill was postponed indefinitely in June 2025.)