SB 216/a NMFA AFFORDABLE HOUSING PROJECTS

Sen Nancy Rodriguez

Actions: [2] SCC/SHPAC/SFC-SCC [4]germane-SHPAC [7] DP/a-SFC [8] DP [9] PASSED/S (34-0) [14] HAFC-HAFC- DP [15] PASSED/H (54-7) SGND BY GOV (Feb. 28) Ch. 15.

Scheduled: Not Scheduled

 Senate Bill 216 (SB 216) amends the New Mexico Finance Authority Act (NMFAA) to provide financing for affordable housing projects; amends the definitions of "public project" and "qualified entity"; and amends the local government planning fund. 

 Senate Bill 216 (SB 216) amends the New Mexico Finance Authority Act (NMFAA) to provide financing for affordable housing projects; amends the definitions of "public project" and "qualified entity"; and amends the local government planning fund.

Section 6-21-3 NMSA 1978 is amended to include “housing” in the definition of “public project” and to include a “nonprofit housing developer” as a “qualified entity”.

Section 6-21-6.4 NMSA 1978 clarifies that money in the local government planning fund may be used to support affordable housing plans.
 

 Currently the New Mexico Finance Authority Act (NMFAA) does not allow for financing for affordable housing projects, nor does it recognize affordable housing as a “public project” or an affordable housing developer as a “qualified entity.” If the bill does not pass, these allowances will not be available. 

 Amended January 27, 2024 in the Senate Health and Public Affairs Committee

SHPACa/SB 216: The Senate Health and Public Affairs Committee amends Senate Bill 216 (SB 216) as follows:

1. On page 1, line 14, after "FUND", insert "TO PROVIDE FINANCING FOR THE PURPOSES OF DEVELOPING AFFORDABLE HOUSING PLANS AND FLOOD INUNDATION MAPS AND OBTAINING ARCHAEOLOGICAL CLEARANCES". 

2. On page 4, line 25, strike "or" and insert in lieu thereof a comma. 

3. On page 4, line 25, before the semicolon, insert "or flood inundation maps; to obtain archaeological clearances".
 

 House Bill 195 (HB 195) - Housing Fund and Changes
Senate Bill 31 (SB 31) - MFA Affordable Housing Act Funds
Senate Bill 212 (SB 212) - Regional Affordable Housing Plans
House Bill 260 (HB 260) - Affordable Housing Study