SB 304 creates the "New Mexico Next Generation Act" to provide financial support for New Mexico-born children meeting specific residency requirements. It establishes two funds: the Next Generation Trust Fund (for long-term investment) and the Baby Bonds Fund, which will distribute money for education or housing costs to eligible beneficiaries aged 18-40 after completing a financial literacy course. The bill exempts these benefits from state income tax and requires data sharing between health and child welfare agencies to verify eligibility. It explicitly states that benefits are not guaranteed and funds won’t count as assets for need-based assistance programs.
This memorial (HM 54) requests New Mexico's Public Regulation Commission to form a working group focused on improving utility access for mobile home park tenants. It directly affects the PRC, mobile home park owners, tenants, and utility providers by seeking recommendations for consistent rules governing water, electricity, gas, and sewer services. The working group must include diverse stakeholders - like tenant and owner associations, utility representatives, and low-income advocates - and report by November 2026. The memorial does not create new laws but aims to develop a regulatory framework addressing frequent utility disruptions faced by tenants, who often rent land while owning their mobile homes.
HB 167 requires mobile home park owners in New Mexico to give residents written notice (via certified mail and posted on doors) before selling the park to a third party. This notice must include the sale terms and residents' right to purchase the park within 75 days if they can gather 51% support and match the third-party offer's price and conditions. Owners must negotiate in good faith if residents submit a comparable offer, and residents can assign their purchase rights to nonprofits or governments. Violations carry penalties of $100,000 or 20% of the park’s appraised value, whichever is greater. The bill excludes sales from foreclosures, family transfers, or government takings.
Senate Memorial 10 requests New Mexico's Energy Department to form a working group to design a pilot project studying portable solar devices (plug-in/balcony systems) for low-income households. The pilot would install these devices in 5-10 households to measure monthly energy cost savings and assess grid impacts on utilities. The working group, including utilities and nonprofits, must report findings to lawmakers by November 2026. This study aims to evaluate a potential solution for energy insecurity, as low-income residents spend 16-30% of income on energy costs versus the state average of 3%. The bill does not fund installations but seeks data to inform future policy.
SB 92 creates a tax deduction for businesses selling construction materials and labor used in affordable multifamily housing projects in New Mexico. It directly affects developers and contractors building housing that qualifies as "affordable" (defined as units for households earning ≤80% of the area median income) and sold to qualifying grant recipients under the Affordable Housing Act. The deduction reduces taxable gross receipts for these specific sales until July 1, 2033, and requires the tax cost to be tracked in the state budget. The bill takes effect on July 1, 2026.
This bill creates the New Homes for New Mexico program, providing interest-free loans up to $50,000 (or $75,000 in Los Alamos, Santa Fe, or Taos counties) to first-time homebuyers with incomes below 120% of area median income for a family of four. Eligible buyers must purchase starter homes (max 1,800 sq ft on lots under 5,000 sq ft) as their primary residence and cannot have owned a home previously. The program is funded by a $10 million appropriation from the general fund, with repayments reinvested to support future loans. It directly affects first-time homebuyers meeting income and residency criteria in New Mexico.
This bill (SJR 5) proposes a constitutional amendment to allow New Mexico’s legislature to limit annual increases in the assessed value of **residential property** for property tax purposes. It would amend the state constitution to authorize rules restricting how much a home’s taxable value can rise each year, potentially based on factors like owner-occupancy, homeowner age, or income. These limits could apply statewide or be chosen by local governments, with tax rates applied to the property’s full value if the limit isn’t used. The amendment requires voter approval at the next general election. (Note: The bill title incorrectly states "nonresidential"; the text specifically addresses residential property.)
SB 162 allows regional housing authorities in New Mexico to create nonprofit corporations that can enter agreements with the U.S. Department of Defense. These nonprofits may handle property-related work - like leasing, building, or managing facilities - both inside and outside New Mexico, under federal law (10 U.S.C. § 2679). All income from these agreements must directly support the regional housing authority’s affordable housing goals. The bill amends state law to authorize this, ensuring nonprofits follow the same duties as the housing authorities that create them.
HB 139 appropriates $135 million from New Mexico's general fund to the Housing Trust Fund for fiscal year 2027 and beyond, directly supporting state housing programs. The bill ensures unspent funds at year-end remain in the trust fund rather than reverting to the general budget. This provides stable, multi-year funding to carry out the New Mexico Housing Trust Fund Act, which finances affordable housing initiatives. The legislation focuses on concrete financial allocation, not policy changes or outcomes.
HB 77 creates a corporate income tax credit for businesses renovating vacant buildings or lots in New Mexico that have been unoccupied for at least two years. The credit covers 30% of renovation costs for properties vacant 2-5 years (capped at $2 million per business) or 40% for properties vacant 5+ years (capped at $4 million), provided at least 15% of new housing units are affordable for low/moderate income residents (defined as ≤85% of local median income). Businesses must get pre-certification before work begins and post-completion certification, with the credit being transferable or carry-forwardable for up to five years. The credit expires in 2038, has an annual spending limit of $100 million (with $50 million reserved for non-rural areas), and applies to projects starting in 2026.
