HB 351 New Mexico House · 2025 Regular Session

STORM EVENT ZERO-INTEREST LOANS

HB 351 provides $200 million in zero-interest loans to political subdivisions (like cities or counties) in Chaves County for repairing or replacing public infrastructure damaged by the October 19, 2024 storm, including flood or debris flow damage. The state funds these loans from the general fund for fiscal years 2026-2027, requiring recipients to repay the loan first using federal funds they receive for the same projects. Any unused funds by the end of 2027 would revert to the state general fund. This bill directly affects Chaves County entities that qualify for federal storm recovery assistance.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 11, 2025 Last action Jun 3, 2025

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Committee

Feb 21, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 11, 2025

Introduced

Sent to House Rural Development, Land Grants and Cultural Affairs Committee & House Appropriations & Finance Committee

lower

5 primary · 0 co-sponsors