NM HB24

Creates a housing loan program administered by the New Mexico Mortgage Finance Authority to provide down payment and closing cost assistance to healthcare professionals purchasing homes in New Mexico

Eligible professionals include registered nurses, dentists, dental hygienists, physicians, physician assistants, anesthesiologist assistants, psychologists, pharmacists, occupational therapists, physical therapists, respiratory care practitioners, speech-language pathologists, audiologists, and social workers

Loan recipients must earn below 151% of the area median income, work at least three-fourths full-time in New Mexico for 10 years, and the loan amount cannot exceed 10% of the total home purchase price

Loan forgiveness structure: full repayment at 5.5% interest required if leaving within 5 years; 50% repayment for years 5-7; 25% repayment for years 7-10; full forgiveness after completing 10 years of service

Appropriates $5,000,000 from the general fund for fiscal years 2026 and 2027, with unexpended balances reverting to the general fund