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NM HB251
Bill
Status
Introduced
1/30/2026
Primary Sponsor
Cristina Parajon
Click for details
AI Summary
- Creates the New Homes Development Program within the New Mexico Mortgage Finance Authority to provide home buyer assistance grants to qualifying grantees
- Limits assistance to $10,000 per qualifying grantee, applicable only to homes with a certificate of occupancy issued within 12 months prior to the award
- Appropriates $30 million from the general fund for fiscal years 2027 through 2029, with unexpended balances reverting to the general fund at the end of FY 2029
- Requires the authority to promulgate rules for program administration, eligibility requirements, disbursement procedures, and repayment procedures
- Mandates annual reporting to the Mortgage Finance Authority Act oversight committee beginning July 1, 2027, including grant numbers and program recommendations
Legislative Description
New Homes Development Program
Last Action
Sent to HCEDC - Referrals: HCEDC/HAFC
2/5/2026
Committee Referrals
Commerce & Economic Development2/5/2026
Full Bill Text
No bill text available