2024 Legislative Update
Industry Related Legislation Passed:
HB 195 (Housing Fund & Changes) $125 million was allocated to this bill. Changes the existing name of the “Opportunity Enterprise Act” to the “Opportunity Enterprise and Housing Development Act.” Definitions of: “affordable housing;” “housing development assistance;” “housing development project;” and “workforce development housing” are added. The “enterprise development” definition is expanded. Other proposed amendments primarily pertain to housing development. New Mexico Finance Authority’s duties are expanded to include loans to housing development partners. A housing development revolving fund is created.
SB 216 (NMFA Affordable Housing Projects) Amends the New Mexico Finance Authority (NMFA) Act by adding housing as a public project eligible for financing and adding nonprofit housing developers as qualified entities. The bill also adds affordable housing plans as a qualified use of the local government planning fund.
Industry Related Legislation Failed or Was Not Heard:
HB 25 (Housing Discrimination Based on Income) This bill was stopped in the House Commerce & Economic Development Committee. Would make it illegal to discriminate against renters or home-buyers based on the source of income. Similar policy has passed in Albuquerque and Bernalillo County.
HB 260 (MFA Affordable Housing Study) This bill was deemed germane but never heard. Appropriates $500 thousand from the general fund to the Department of Finance and Administration for expenditure in fiscal year 2025 by the New Mexico Mortgage Finance Authority (MFA) to conduct an affordable housing study.
HB 261 (Affordable Housing Tax Credit Change) This bill was deemed germane but never heard. Proposes to increase the value of an investment voucher that may be claimed as a tax credit pursuant to the Affordable Housing Tax Credit Act from fifty percent to one hundred percent of an investment made for an affordable housing project. HB261 removes old language limiting the maximum value of the tax credit vouchers.
HB 293 (Creditworthiness Assistance Program) This bill was not heard in the House Appropriation & Finance Committee. Amends the Affordable Housing Act (AHA) to add the definition and uses of the “creditworthiness assistance grant” and adds and defines “participant” and “residential housing,” expand the purpose of the AHA to include unpaid rent and residential damages, and to expand existing AHA language to include creditworthiness assistance grants. The bill allows qualifying local governments to provide assistance to individuals or households for rent or damages to a rental property as the cost of financing or operating affordable housing.
HM 44/SM 10 (Property Assessment Disparity Correction) HM44 was not heard on the House Floor. Requests that New Mexico Counties (NMC) convene statewide meetings to discuss and address disparities in assessment practices and recommend legislation, particularly addressing inequity in the treatment of residential and nonresidential property owners and valuation increases.
SB 7 (NM Housing Trust Fund) This bill was not heard in the Senate Finance Committee. Appropriates $500,000,000 to the New Mexico Housing Trust Fund. The Mortgage Finance Authority Act Oversight Committee sought introduction of this bill.
SB 31 (MFA Affordable Housing Act Funds) This bill was not heard in the Senate Finance Committee. This act proposes a financial allocation to support the Affordable Housing Act through the New Mexico Mortgage Finance Authority. The funds are intended to be used to carry out the objectives of the Affordable Housing Act. The proposal focuses on initiatives to make housing more accessible and affordable within the state.
SB 71 (Creating the Office of Housing) This bill failed to receive a "do pass" in the Senate Health and Public Affairs Committee. Creates the office of housing, providing powers and duties, providing for the development, and updating of the state housing plan, and adding the director of the office of housing to the New Mexico Mortgage Finance Authority.
SB 186 (Rent Control Prohibitions) This bill was not germane. Repealing the prohibition on political subdivisions and home rule municipalities from enacting rent control for privately owned real property.
SB 207 (Lodgers' Tax, Affordable Housing & Rentals) This bill was not germane. Relating to property; amending provisions of the lodgers' tax act; authorizing an occupancy surtax on certain short-term rentals pursuant to the lodgers' tax act; requiring local governments that impose the occupancy surtax to use the proceeds to defray the cost of affordable housing; excluding certain short-term rental property from the definition of "residential property" in the property tax code; amending form requirements for notices of valuation sent to property owners; repealing a section of the property tax code that requires property to be presumed classified as nonresidential property.