CONDOMINIUM OWNER OCCUPANCY REQUIREMENTS

HB 122 requires that for condominiums created on or after July 1, 2025, at least 55% of units must be owner-occupied (meaning the resident owns the unit), and at least 35% of the governing board members must own and live in units within that same condominium. This applies directly to developers creating new condos after the effective date and the homeowners associations managing those properties. The bill amends New Mexico's Condominium Act to include these requirements in the declaration documents for new condominiums. It does not apply to existing condos or those created before July 1, 2025.