Sections 1 through 9 of this act [58-18C-1 to 58-18C-9 NMSA 1978] may be cited as the “New Mexico Housing Trust Fund Act”. History: Laws 2005, ch. 105, § 1. ANNOTATIONS Effective dates. — Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
The purpose of the New Mexico Housing Trust Fund Act is to provide flexible funding for housing initiatives in order to produce and preserve significant housing investment in the state. History: Laws 2005, ch. 105, § 2; 2021, ch. 24, § 1. ANNOTATIONS The 2021 amendment, effective April 5, 2021, expanded the purpose of the […]
As used in the New Mexico Housing Trust Fund Act: A. “affordable housing” means residential housing primarily for persons or households of low or moderate income; B. “authority” means the New Mexico mortgage finance authority; C. “committee” means the New Mexico housing trust fund advisory committee; D. “fund” means the New Mexico housing trust fund; […]
A. The “New Mexico housing trust fund” is created in the authority. The fund shall consist of all distributions and appropriations made to the fund. Earnings of the fund shall be credited to the fund, and unexpended and unencumbered balances in the fund shall not revert to any other fund. The authority shall be the […]
A. The “New Mexico housing trust fund advisory committee” is created. The committee shall consist of the following nine members, who shall represent geographically the state, affordable housing advocates and practitioners: (1) three public members appointed by the governor; (2) three public members appointed by the president pro tempore of the senate; and (3) three […]
A. Trust funds shall be awarded either on a competitive basis or based on need as determined by the authority. The authority’s staff shall work with the committee to develop an application and applicant scoring mechanism or program guidelines that encourage applicants to develop solutions that are responsive to local needs and are consistent with […]
Money from the fund and matching funds from other sources may be used to finance in whole or in part any loans or grant projects that will provide affordable housing. Money from the fund may also be used to reimburse the authority for actual expenses incurred in administering the fund in an amount not to […]
If any part of the New Mexico Housing Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect to the agencies […]
Money from the fund may be used to match federal, local or private money to be used for projects authorized under the New Mexico Housing Trust Fund Act. History: Laws 2005, ch. 105, § 9. ANNOTATIONS Effective dates. — Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.
