NM HB246

Appropriates $62 million from the general fund to the Department of Finance and Administration for fiscal years 2027 through 2029

Provides state matching funds to political subdivisions (local governments) that have been approved for federal assistance for floodplain projects

Funds must be used to acquire and rehabilitate land located in floodplains back to its natural state

Eligible land must pose a threat to life, safety, or public infrastructure due to natural disaster or continued flood risk

Any unexpended balance at the end of fiscal year 2029 reverts to the general fund