The fate of a bill designed to fund new workforce housing development in New Mexico will soon be known as members of the state legislature meet in the final hours of the winter 2024 session.
House Bill 195 has already been approved by the full House of Representatives on a strong vote of 50 to 16. As proposed, the measure would create a fund to be administered by the New Mexico Finance Authority that would help local communities in building and habilitating housing for working class residents of the state.
As presented by Democrat Representative Linda Serrato, the measure would be supported by some $75 million in state funds that could also be used to acquire properties for development.
An additional feature of the legislation calls for a special appropriation of $100 million for commercial enterprise development projects.
With the approval of state lawmakers, the bill would expand the Opportunity Enterprise Act, which was signed into law two years ago and is designed to help communities acquire commercial spaces, while also supporting residential development.
According to an analysis of the bill by the Legislative Finance Committee, the implementation of HB 195 would cost around $150,000 in its first year, which would “cover staffing for board administration, application system development, and rule and policy development.”
In discussing the legislation, Serrato, as quoted in the Grant County Beat, remarked: “We know that New Mexico needs more than affordable housing to support our families and grow our workforce, we need housing that is affordable for all.”
The measure has the support of Governor Michelle Lujan Grisham.
By Garry Boulard
