CREATE DEMOLITION FUND

SB 119 creates a $5 million state fund to help demolish deteriorated or condemned residential properties in New Mexico. It provides grants to counties and municipalities for demolishing such properties and allows property owners to apply for reimbursement if their home is in a blighted area under redevelopment or if repair costs significantly exceed demolition costs. The fund, administered by the state Department of Finance and Administration, will operate through rules to be finalized by December 2026. Unspent funds will carry forward annually, with the first $5 million appropriated for fiscal year 2027.