HB 24 OWNER-OCCUPIED CONDOS & ASSOCIATIONS

Rep Kathleen M Cates

Actions: HPREF [1] not prntd-HRC

Scheduled: Not Scheduled

 House Bill 24 (HB 24) amends property law relating to condominiums to require that by July 2, 2024, at least 55 percent of units of condominiums are owner-occupied and to require at least 35 percent of the members of the governing body of associations that manage a condominium own and occupy units within that condominium.
 

 House Bill 24 (HB 24) amends property law relating to condominiums in Section 47-7B-1 NMSA 1978 (being Laws 1982, Chapter 27, Section 13).

SECTION 1 amends Creation of Condominium as follows:
Subsection C is inserted to require that at least 55 percent of the units of a condominium created on or after July 1, 2024, shall be owner-occupied.

Subsection D is inserted to require at least 35 percent of the members of the governing body of an association that manages a condominium created after July 1, 2024, shall own and occupy units within that condominium.

SECTION 2 amends Subsection A of Contents of Declaration Section 47-7B-5 NMSA 1978 (being Laws 1982, Chapter 27, Section 17, as amended) to insert that by July 1, 2024, a declaration for a condominium shall contain:
(14) a statement that publicizes the changes specified in Section 1, Subsections C and D.

SECTION 3 makes the effective date of the provisions of this act is July 1, 2024. 

 HB 24 adds requirements to property law regarding condominiums to require that 55 percent of the units be owner-occupied and that 35 percent of the members of governing boards of associations own and occupy units in the condominium.