On Feb. 14, NM LEG issued bill on opportunity enterprise, housing.
NM LEG passed bill HB 195 to amend the Opportunity enterprise and housing development act to establish new review board, clarify NM Housing Authority role.
Affordable housing infrastructure project is project to support low-income housing.
Housing development assistance is a loan for workforce development housing projects.
NM Housing Authority allowed to make loans to housing development partners and collect payments, including principal, interest costs and fees associated with loans.
Authority can also sell or dispose of property obtained as result of enterprise development project or housing development project, adopt rules on relevant funds.
On Dec. 1, 2024, Authority to develop report to governor with re assistance from the opportunity enterprise revolving fund and housing development revolving fund.
Report to include the total number of affordable housing units and workforce development housing units supported by housing development assistance.
Board Creation
Requires creation of Opportunity enterprise and housing development review board.
Board must have 2 members appointed by governor with housing, building sector.
Responsibilities include receiving a list of executed contracts for enterprise assistance and housing development assistance; recommend application forms and procedures.
Board to review standards and procedures for the approval of proposed contracts, and evaluate housing development partners, projects for suitability for housing assistance.
Also, prioritize projects in political subdivisions implementing zoning reforms supporting housing projects and determine how to select and prioritize applications.
Legislative History
On Jan. 22, 2024, bill was introduced in House; on Feb. 6, 2024, bill passed House.
On Feb. 6, 2024, bill was introduced in Senate; on Feb. 14, 2024, bill passed Senate.
Effectiveness
Bills without effective dates specified become effective 90 days after adjournment.
Feb. 28, 2024 NM LEG Governor Approval
On Feb. 28, 2024, NM LEG governor approved bill HB 195 and assigned Chapter 8.
