PROFESSIONAL RECRUITMENT AND RETENTION ACT

HB 24 creates a program offering home purchase loans to licensed healthcare professionals in New Mexico, including nurses, doctors, dentists, therapists, and social workers. The New Mexico Mortgage Finance Authority will provide loans covering up to 10% of a home’s purchase price to qualified professionals who agree to practice in the state for 10 years at 75% or more of full-time employment. A lien on the home remains for 10 years, and early departure requires repayment of 100% (first 5 years), 50% (5-7 years), or 25% (7-10 years) of the loan amount. The program is funded by a $5 million appropriation from the general fund for fiscal years 2026-2027.