NM HB168

Creates the New Homes for New Mexico Program administered by the New Mexico Mortgage Finance Authority to provide zero-interest loans to first-time homebuyers purchasing newly constructed starter homes from eligible builders

Loan amounts capped at $50,000 per household, or $75,000 in high-cost counties (Los Alamos, Santa Fe, and Taos)

Eligible buyers must have income below 120% of area median income for a family of four, never have owned a home, and occupy the property as their primary residence

Starter homes limited to 1,800 square feet on lots no larger than 5,000 square feet, with construction completed within three years of builder selection

Appropriates $10 million from the general fund starting in fiscal year 2027, with loan repayments recycled back into the program for future buyers