Housing (Housing Finance)

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 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 251 creates the New Homes Development Program under New Mexico's Mortgage Finance Authority to provide homebuyer assistance. It offers up to $10,000 per qualifying homebuyer to purchase a newly occupied home (with a certificate of occupancy issued within 12 months) through direct disbursement at the time of purchase. The program requires annual reporting starting in 2027 on grants awarded and program recommendations, and appropriates $30 million from the general fund for fiscal years 2027-2029, with unused funds reverting to the general fund by 2029. This directly affects first-time homebuyers meeting eligibility criteria who purchase recently built homes in New Mexico.

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.