HB 139 RECRUITMENT & RETENTION HOUSING LOANS FOR SVC

Rep Kathleen M Cates

Actions: [2] not prntd-HRC

Scheduled: Not Scheduled

 House Bill 139 (HB 139) enacts the Professional Recruitment and Retention Housing Loan for Service Act (PRRHLS); provides for program administration by the New Mexico Mortgage Finance Authority (NMMFA); provides loans for service to professionals for expenses related to the purchase of a home; conditions loans on practice in New Mexico; and provides terms for repayment. 

 House Bill 139 (HB 139) enacts the Professional Recruitment and Retention Housing Loan for Service Act (PRRHLS); provides for program administration by the New Mexico Mortgage Finance Authority (NMMFA); provides loans for service to professionals for expenses related to the purchase of a home; conditions loans on practice in New Mexico; and provides terms for repayment.

Definitions are provided and the NMMFA is charged with administering the loans.

Eligibility, requirements and limitations are specified.

Contract terms and repayment requirements are provided, and the NMMFA is authorized to enforce terms and sue for recovery if necessary.
Allowances are made for loan cancellations in certain circumstances.

The NMMFA must make an annual report to the governor and the legislature of its activities, including the number of loans granted to the PRRHLS.
 

 Currently, when funds are available, New Mexico will pay a portion of qualifying student loans for each year of service in the state and provide some general programs to assist with home ownership. If the bill does not pass, the proposed specific loans for service related to the purchase of a home will not be available.