NEW HOMES FOR NEW MEXICO PROGRAM

HB 200 creates the "New Homes for New Mexico Program" to provide interest-free loans for first-time homebuyers purchasing newly built starter homes from approved developers. The program targets buyers earning below 120% of the area median income for a family of four, requiring the home to be their primary residence and limiting starter homes to 1,800 square feet on lots under 5,000 square feet. Loans up to $50,000 (or $75,000 in high-cost counties like Los Alamos, Santa Fe, or Taos) must be repaid if the home is sold or stops being the primary residence. The program is funded by a $25 million appropriation from the general fund for fiscal year 2027 and beyond.