NM SB119

Creates a "demolition fund" in the state treasury administered by the Local Government Division of the Department of Finance and Administration to provide grants to counties and municipalities for demolishing condemned residential properties

Appropriates $5,000,000 from the general fund to the demolition fund for expenditure beginning in fiscal year 2027, with unexpended balances carrying forward rather than reverting

Allows property owners to apply for reimbursement of demolition costs through county or municipal programs if their property is in a slum/blighted redevelopment area or is significantly deteriorated with repair costs exceeding demolition costs

Requires the Local Government Division to promulgate administrative rules by December 1, 2026 establishing procedures for grant distribution and the property owner reimbursement program