Legislation Detail
SB 138 CREATE DEMOLITION FUND
Actions: [2] SCC/SHPAC/SFC-SCC [4]germane-SHPAC
Scheduled: Not Scheduled
Senate Bill 138 (SB 138): The proposed legislation is related to finance and the creation of a "demolition fund" in the state of New Mexico. The fund is intended for the purpose of providing grants to counties and municipalities to demolish condemned residential properties. The document outlines the creation of the fund, its administration, and specifies an appropriation from the general fund for the fiscal year 2025 and subsequent fiscal years.Legislation Overview:
Senate Bill 138 (SB 138): Section 1: Creation of Demolition Fund: • A "demolition fund" is established in the state treasury. • The fund includes appropriations, gifts, grants, donations, and income from investments. • Money in the fund at the end of a fiscal year does not revert to any other fund. Administration: • The local government division of the department of finance and administration is responsible for administering the fund. • Money in the fund is appropriated to the local government division to provide grants to counties and municipalities for demolishing condemned residential properties. • Disbursements from the fund are made by warrant of the secretary of finance and administration, following proper procedures. • The local government division is required to promulgate rules for the administration of the demolition fund by December 1, 2024. • These rules are expected to include procedures for providing grants to counties and municipalities. Section 2: Ten million dollars ($10,000,000) is appropriated from the general fund to the demolition fund. • This appropriation is for expenditure in fiscal year 2025 and subsequent fiscal years to carry out the purposes of the demolition fund. • Any unexpended or unencumbered balance remaining at the end of a fiscal year does not revert to the general fund.