SB 92 creates a tax deduction for businesses selling construction materials and labor used in affordable multifamily housing projects in New Mexico. It directly affects developers and contractors building housing that qualifies as "affordable" (defined as units for households earning ≤80% of the area median income) and sold to qualifying grant recipients under the Affordable Housing Act. The deduction reduces taxable gross receipts for these specific sales until July 1, 2033, and requires the tax cost to be tracked in the state budget. The bill takes effect on July 1, 2026.
SB 162 allows regional housing authorities in New Mexico to create nonprofit corporations that can enter agreements with the U.S. Department of Defense. These nonprofits may handle property-related work - like leasing, building, or managing facilities - both inside and outside New Mexico, under federal law (10 U.S.C. § 2679). All income from these agreements must directly support the regional housing authority’s affordable housing goals. The bill amends state law to authorize this, ensuring nonprofits follow the same duties as the housing authorities that create them.
HB 139 appropriates $135 million from New Mexico's general fund to the Housing Trust Fund for fiscal year 2027 and beyond, directly supporting state housing programs. The bill ensures unspent funds at year-end remain in the trust fund rather than reverting to the general budget. This provides stable, multi-year funding to carry out the New Mexico Housing Trust Fund Act, which finances affordable housing initiatives. The legislation focuses on concrete financial allocation, not policy changes or outcomes.
HB 77 creates a corporate income tax credit for businesses renovating vacant buildings or lots in New Mexico that have been unoccupied for at least two years. The credit covers 30% of renovation costs for properties vacant 2-5 years (capped at $2 million per business) or 40% for properties vacant 5+ years (capped at $4 million), provided at least 15% of new housing units are affordable for low/moderate income residents (defined as ≤85% of local median income). Businesses must get pre-certification before work begins and post-completion certification, with the credit being transferable or carry-forwardable for up to five years. The credit expires in 2038, has an annual spending limit of $100 million (with $50 million reserved for non-rural areas), and applies to projects starting in 2026.
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.
HB 140 appropriates $500,000 from the general fund to the New Mexico Mortgage Finance Authority for ongoing oversight duties required by the Affordable Housing Act. This funding ensures the Authority can monitor and administer existing affordable housing programs without needing annual budget requests. The bill specifies that unspent funds in any fiscal year will not return to the general fund, providing stable, long-term support for oversight. It directly affects the Mortgage Finance Authority, which manages New Mexico's affordable housing programs, by securing dedicated resources for compliance and program management. The bill does not create new housing policies but provides essential funding for existing oversight mechanisms.
HB 194 expands New Mexico's Metropolitan Redevelopment Program to include areas with housing shortages, defined as locations experiencing affordable housing scarcity, rising costs, or low vacancy rates. The bill allows redevelopment projects in these areas to include qualifying multifamily housing and exempts such properties from property taxation for up to 20 years. This directly affects developers and property owners building or maintaining affordable housing in designated shortage areas. The policy aims to increase housing supply by reducing financial barriers for developers in regions with critical housing needs.
HB 176 creates a new "Zero Interest Down Payment Loan Fund" in New Mexico to provide first-time homebuyers with zero-interest loans covering up to 20% of a home's purchase price. The fund will be financed by redirecting specific state revenues - excess oil and gas tax receipts and federal Mineral Leasing Act funds - that would previously have gone to the Early Childhood Education and Behavioral Health funds. Starting in 2026, these redirected funds will instead support the loan program, with the first-time homebuyer loans secured by a 30-year mortgage lien (requiring repayment if the property sells before 30 years). The bill modifies existing distribution rules for these revenue streams to prioritize housing affordability for qualifying New Mexico residents.
