NM HB167

Mobile home park owners must notify all residents and the New Mexico Mortgage Finance Authority executive director of any third-party purchase offer they intend to accept, including material terms, conditions, and price

Residents have 75 days from notice to submit documentation showing at least 51% of occupied mobile home owners approve purchasing the park, plus a proposed agreement matching the third-party offer's price and substantially equivalent terms

Residents must obtain binding financing commitments within 90 days of executing a purchase agreement and close within a commercially reasonable timeframe specified in the agreement

Owners who sell in violation of these requirements face liability of $100,000 or 20% of the appraised park value (whichever is greater), with damages creating a lien on the property that takes priority over third-party buyers

Capital gains tax deduction increases to 50% of net capital gain income for mobile home park sales to residents under these provisions, applicable to taxable years beginning January 1, 2026