NO FOREIGN CORPORATION PURCHASE OF HOMES

HB 192 prohibits foreign corporations (including in-state subsidiaries) from purchasing single-family homes in New Mexico as investment rental properties before July 1, 2036. The bill directly affects foreign-owned real estate investment entities seeking to buy homes for rental purposes within the state. Key provisions ban these transactions for single-family residential properties, defining "foreign corporation" as one organized under the laws of another state or country. The law aims to limit foreign corporate ownership of residential rental housing, effective July 1, 2036.