Housing (Mortgages)

HB 24 creates a program offering home purchase loans to licensed healthcare professionals in New Mexico, including nurses, doctors, dentists, therapists, and social workers. The New Mexico Mortgage Finance Authority will provide loans covering up to 10% of a home’s purchase price to qualified professionals who agree to practice in the state for 10 years at 75% or more of full-time employment. A lien on the home remains for 10 years, and early departure requires repayment of 100% (first 5 years), 50% (5-7 years), or 25% (7-10 years) of the loan amount. The program is funded by a $5 million appropriation from the general fund for fiscal years 2026-2027.

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.