HOUSE DEMOCRATS NEWS RELEASE

The House on Tuesday night passed SB 134, the New Mexico Housing Trust Fund, with a bipartisan vote of 51-15. 

The legislation would create a recurring source of revenue for the New Mexico Housing Trust Fund. It amends the Severance Tax Bonding Act, earmarking 2.5 percent of the annual senior severance tax bond capacity for the New Mexico Housing Trust Fund. This fund will be administered by the Mortgage Finance Authority and will be used to build, rehabilitate and weatherize affordable homes for low-income New Mexicans.

“Safe and affordable housing is transformative for New Mexicans. With over two hundred thousand New Mexico households facing extensive cost burdens, and a shortage of 32,000 low income housing units, now is the time to dedicate resources to new construction, energy efficiency and rehabilitation,” said Representative Nathan Small (D-Las Cruces).

The bill was sponsored by Senator Nancy Rodriguez (D-Santa Fe) and Representative Small.

“A real lack of affordable housing has been a problem in our state for many years,” said Senator Rodriguez. “In the last few years and especially during this pandemic the problem has only gotten worse. This measure will ensure that we have recurring, sustainable housing funds so direly needed across the state – for years to come.”

The bill now goes to the Governor’s desk for her signature, and she is expected to sign it.