EXPAND METRO REDEVELOPMENT CODE & PROJECTS

HB 194 expands New Mexico's Metropolitan Redevelopment Program to include areas with housing shortages, defined as locations experiencing affordable housing scarcity, rising costs, or low vacancy rates. The bill allows redevelopment projects in these areas to include qualifying multifamily housing and exempts such properties from property taxation for up to 20 years. This directly affects developers and property owners building or maintaining affordable housing in designated shortage areas. The policy aims to increase housing supply by reducing financial barriers for developers in regions with critical housing needs.