NM HB176

Creates the "zero interest down payment loan fund" as a nonreverting fund in the state treasury to provide zero-interest loans to first-time home buyers for up to 20% of the purchase price of residential housing in New Mexico

Eligible home buyers must have household income less than 400% of the federal poverty level; loans are secured by a 30-year mortgage lien on the property with immediate repayment required if sold before 30 years

Redirects excess oil and gas extraction tax revenues that currently flow to the Early Childhood Education and Care Fund and Behavioral Health Trust Fund to instead fund the new down payment loan program

Redirects excess federal Mineral Leasing Act revenues that currently flow to the Early Childhood Education and Care Fund and Medicaid Trust Fund to the new down payment loan program

New Mexico Mortgage Finance Authority administers the fund and may promulgate rules; effective date is July 1, 2026