mortgage finance authority act oversight committee

New Mexico Legislature

MORTGAGE FINANCE

AUTHORITY ACT

OVERSIGHT

COMMITTEE

2020 INTERIM FINAL REPORT

Legislative Council Service

411 State Capitol

Santa Fe, New Mexico 87501

(505) 986-4600

www.nmlegis.gov

TABLE OF CONTENTS

Interim Summary

Work Plan and Meeting Schedule

Agendas and Minutes

endorsed legislation

INTERIM SUMMARY

Mortgage Finance Authority Act Oversight Committee2020 Interim Summary

The Mortgage Finance Authority Act Oversight Committee met two times during the2020 interim. Pursuant to Section 2-12-5 NMSA 1978, the committee heard presentationsrelated to the funds managed and the assets held by the New Mexico Mortgage Finance Authority(MFA). The MFA provided presentations on bond issuance, regional housing authority oversightand the MFA's operating budget and strategic plans for the next fiscal year. The MFA alsopresented proposed administrative rule changes, which were approved by the committee.

In addition to the perennial topics addressed by the committee, the MFA presented oncertain housing issues related to the ongoing coronavirus disease 2019 pandemic. Thepresentation included issues related to rental assistance, the eviction moratorium in effect at thetime, foreclosures and current marketing campaigns to raise awareness regarding relief optionsfor renters and homeowners.

During the final meeting, the committee endorsed legislation to provide funding for theNew Mexico Housing Trust Fund and to expand the purposes for which funding could be usedpursuant to the New Mexico Housing Trust Fund Act.

WORK PLAN AND MEETING SCHEDULE

2020 PROPOSEDWORK PLAN AND MEETING SCHEDULE

for theMORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

MembersSen. Nancy Rodriguez, ChairRep. Eliseo Lee Alcon, Vice ChairSen. Gregory A. BacaRep. Alonzo Baldonado

Sen. Stuart IngleRep. Rod MontoyaSen. Michael PadillaRep. Andrea Romero

Advisory MembersRep. Rachel A. BlackRep. Kelly K. FajardoRep. Georgene LouisRep. Javier Martínez

Sen. Richard C. MartinezSen. Gerald Ortiz y PinoSen. Sander RueRep. Sheryl Williams Stapleton

Work PlanThe Mortgage Finance Authority Act Oversight Committee was created pursuant to the

provisions of Section 58-18-5 NMSA 1978, which provides in part that the New MexicoMortgage Finance Authority (MFA) shall have the powers to "carry out and effectuate thepurposes and provisions of the Mortgage Finance Authority Act". Subsection W of Section58-18-5 NMSA 1978 creates the MFA Act Oversight Committee. Further, this subsection statesthat the MFA has the power, subject to approval by the MFA Act Oversight Committee andsubject to any agreement with bondholders and noteholders, to make, alter or repeal "such rulesand regulations with respect to its operations, properties and facilities as are necessary to carryout its functions and duties in the administration of the Mortgage Finance Authority Act".

Pursuant to the provisions of Section 2-12-5 NMSA 1978, the committee is furtherauthorized to:

"A. determine and monitor the actual distribution of funds derived by the [NewMexico mortgage finance] authority from bond issues and other activities of the authority underthe provisions of the Mortgage Finance Authority Act, both on a geographical basis and on thebasis of the actual distribution to participants in its programs;

B. monitor the authority in its control of the issuance of mortgage commitments;

C. meet on a regular basis to receive and evaluate periodic reports from the authorityas to its enforcement of the provisions of the Mortgage Finance Authority Act and the regulationsadopted pursuant thereto; and

D. require the authority to document the need to the oversight committee regardingthe issuance of any bonds.".

In addition to carrying out its statutory responsibilities, the committee will focuson the following areas of legislative concern during the 2020 interim:

(1) regional housing and statewide housing programs and organizations;

(2) changes to existing and proposed rules promulgated by the MFA;

(3) MFA funding source and program overview, including the MFA's single-familymortgage products, the NM Energy$mart weatherization program and the VeteransRehabilitation Program;

(4) the Affordable Housing Act;

(5) update on and proposed amendments to the New Mexico Housing Trust Fund;

(6) the MFA's budget and current strategic plan;

(7) reports on bonds issued and financing strategies and a market update;

(8) housing issues related to the ongoing public health crisis; and

(9) proposed legislation for the 2021 session.

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Mortgage Finance Authority Act Oversight Committee2020 Proposed Meeting Schedule

Date LocationSeptember 11 Video Conference

October 8 Video Conference

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AGENDAS AND MINUTES

TENTATIVE AGENDAfor the

FIRST MEETINGof the

MORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

September 11, 2020Video Conference

Friday, September 11

10:00 a.m. Call to Order and Introductions—Senator Nancy Rodriguez, Chair—Representative Eliseo Lee Alcon, Vice Chair

10:05 a.m. (1) Executive Director Update—Isidoro "Izzy" Hernandez, Executive Director, New Mexico Mortgage

Finance Authority (MFA)

10:10 a.m. (2) 2020 MFA Reference Guide: Overview of Programs and Funding—Isidoro "Izzy" Hernandez, Executive Director, MFA—Gina Hickman, Deputy Director of Finance and Administration, MFA—Donna Maestas-De Vries, Deputy Director of Programs, MFA

10:45 a.m. (3) Reports on Bonds Issued, Financing Strategies and Market Update—David Jones, Principal, CSG Advisors—Mina Choo, Director, Housing Finance Group, RBC Capital Markets

11:15 a.m. (4) Affordable Housing Act Update—Rebecca Velarde, Director of Policy and Planning, MFA—Sonja Unrau, Community Relations Manager, MFA

11:25 a.m. (5) Housing Issues Related to the Ongoing Public Health Crisis—Jeff Payne, Senior Director of Mortgage Operations, MFA—Patrick Ortiz, Director of Asset Management, MFA

11:35 a.m. (6) MFA 2021 Legislative Agenda: Initial Review—Isidoro "Izzy" Hernandez, Executive Director, MFA—Rebecca Velarde, Director of Policy and Planning, MFA

11:50 a.m. Public Comment*

12:00 noon Adjourn

https://www.nmlegis.gov/Committee/Handouts?CommitteeCode=MFA&Date=9/11/2020&ItemNumber=1






*The State Capitol is closed to the public, but the meeting will be webcast and can be viewed byclicking the video icon beneath the meeting agenda on the Mortgage Finance Authority ActOversight Committee web page. Members of the public may make comments during the publiccomment portion of the meeting by following the instructions under the "Extra Information"portion of the web page.

https://www.nmlegis.gov/Committee/Interim_Committee?CommitteeCode=MFA


MINUTESof the

FIRST MEETINGof the


September 11, 2020Video Conference Meeting

The first meeting of the Mortgage Finance Authority Act Oversight Committee wascalled to order by Senator Nancy Rodriguez, chair, on Friday, September 11, 2020, at 10:12 a.m.by video and audio conference via an online platform.

Present AbsentSen. Nancy Rodriguez, Chair Sen. Gregory A. BacaRep. Eliseo Lee Alcon, Vice Chair Sen. Stuart IngleRep. Alonzo BaldonadoRep. Rod MontoyaSen. Michael PadillaRep. Andrea Romero

Advisory MembersRep. Kelly K. Fajardo Rep. Rachel A. BlackRep. Georgene Louis Rep. Javier MartínezSen. Richard C. Martinez Sen. Sander RueSen. Gerald Ortiz y PinoRep. Sheryl Williams Stapleton

StaffAnthony Montoya, Staff Attorney, Legislative Council Service (LCS)Catherine Sayler, Committee Staff, LCSMadelyn Lucas, Intern, LCS

HandoutsHandouts and other written testimony are in the meeting file and posted on the

legislature's website.

Friday, September 11

Welcome and Introductions (10:12 a.m.)Senator Rodriguez welcomed committee members, staff and guests. Committee members

and staff introduced themselves.

Executive Director Update (10:17 a.m.)Isidoro "Izzy" Hernandez, executive director, New Mexico Mortgage Finance Authority

(MFA), gave the committee an overview of the mission and work of the MFA since its inceptionin 1975.

2020 MFA Reference Guide: Overview of Programs and Funding (10:21 a.m.)Mr. Hernandez; Gina Hickman, deputy director of finance and administration, MFA; and

Donna Maestas-De Vries, deputy director of programs, MFA, provided the committee with anoverview of MFA programs and funding. The presentation can be found here:

https://www.nmlegis.gov/handouts/MFA%20091120%20Item%200%20MFA%202020%20Reference%20manual.pdf.

Questions and comments from committee members included the following:

• New Mexico has received $13.3 million in federal funding for eviction andforeclosure prevention, but estimates of need may be as high as $200 million. Thecurrent plan is to launch the Community Development Block Grant (CDBG) programin late October 2020, with $1 million set aside for each regional council ofgovernments to distribute;

• if CDBG funding is first come, first served, it is possible that only those who areadept at navigating government systems will receive funding. A committee membersuggested that all applications for funding need to be accepted and then assessed bythe level of need;

• the federal Department of Housing and Urban Development (HUD) is consideringhow to prevent landlords from receiving three months of rent through the CDBGprogram and still evicting the tenant for nonpayment of additional rent, but nothinghas been finalized;

• a committee member requested that the MFA update the committee on thedevelopment of policies for CDBG funding at the next committee meeting;

• New Mexico had one of the highest homelessness rates in the nation before theCOVID-19 pandemic. About $12 million has been received in HUD funding, ofwhich $4 million has been allocated to providers and the other $8 million will beallocated within a few months;

• a committee member noted that homeless children are currently not getting aneducation because, although they may have been provided with a computer, they donot have reliable access to power and the internet; and

• at the federal level, the Centers for Disease Control and Prevention issued a directiveto prevent eviction for nonpayment of rent, but that directive is not law. However, theNew Mexico Supreme Court put a stay on evictions for nonpayment of rent. At thistime, there is no proposal for when the stay will be lifted.

Reports on Bonds Issued, Financing Strategies and Market Update (11:13 a.m.)David Jones, principal, CSG Advisors, and Mina Choo, director, Housing Finance Group,

RBC Capital Markets, gave a presentation on bonds, market changes since the COVID-19pandemic began and adaptations in financing strategies. The presentation can be found here, atTab 3:


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https://www.nmlegis.gov/handouts/MFA%20091120%20Item%200%20MFA%202020%20Reference%20manual.pdf




A committee member asked about recent MFA delays in responding to lender requests. The MFA has recently initiated new loan origination software and is in the process of gettinglenders trained.

Affordable Housing Act Update (11:45 a.m.)Rebecca Velarde, director of policy and planning, MFA, and Sonja Unrau, community

relations manager, MFA, updated the committee on Affordable Housing Act activities. Thepresentation can be found here, at Tab 4:


Housing Issues Related to the Ongoing Public Health Crisis (11:50 a.m.)Jeff Payne, senior director of mortgage operations, MFA; Patrick Ortiz, director of asset

management, MFA; and Representative Andrea Romero gave a presentation on COVID-19-related forbearance and delinquency rates and rental eviction moratoriums. The presentation canbe found here, at Tab 5:



• significant barriers to accessing rental assistance exist for many New Mexicans. Without the ability to afford transportation and child care, as well as rent, manyindividuals are unable to get the proper forms to the proper programs to start theprocess;

• a committee member noted that the landlords' burdens also need to be considered inthe eviction moratorium. Some landlords have only one or two rentals, and theydepend on the income from those rentals;

• the MFA is developing a marketing plan with public service announcements andspecific education for service providers in the state to increase awareness of CDBGfunding and the application process. The MFA also plans to have a central onlineportal to receive all applications; and

• many magistrate courts mistakenly believe that there is a stay on all evictions, ratherthan just a stay on evictions for nonpayment of rent.

MFA 2021 Legislative Agenda: Initial Review (12:28 p.m.)Mr. Hernandez and Ms. Velarde reviewed the MFA's 2021 legislative requests. The

presentation can be found here, at Tab 6:


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<current%20document>https://www.nmlegis.gov/handouts/MFA%20091120%20Item%200%20MFA%20Presentation%20Packet.pdf







Public Comment (12:36 p.m.)Karen Meyers, director, Consumer Financial Protection Initiative, City of Albuquerque,

told the committee that, while New Mexico does have a stay on evictions for nonpayment of rent,many tenants are still losing their homes. Rental leases are beginning to expire, and landlords arenot renewing leases when the rent is in arrears. The courts are taking the position that rentaltermination due to lease expiration is within the law.

Ms. Meyers told the committee that nonpayment of rent does not need to be COVID-19-pandemic-related to qualify for the stay of eviction. Nonpayment for any reason is covered in theNew Mexico Supreme Court ruling.

Ms. Meyers also cautioned the committee and the MFA on adopting a time-consumingallocation process for rental relief. The worry is that renters will be evicted before receiving therental assistance they applied for, Ms. Meyers said.

AdjournmentThere being no further business before the committee, the meeting adjourned at 12:47

p.m.- 4 -

Revised: October 8, 2020TENTATIVE AGENDA

for theSECOND MEETING

of theMORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

October 8, 2020Video Conference

Thursday, October 8

10:00 a.m. Call to Order and Introductions—Senator Nancy Rodriguez, Chair—Representative Eliseo Lee Alcon, Vice Chair

10:05 a.m. (1) Executive Director Update—Isidoro "Izzy" Hernandez, Executive Director, New Mexico Mortgage

Finance Authority (MFA)

10:10 a.m. (2) MFA 2021 Budget—Gina Hickman, Deputy Director of Finance and Administration, MFA

10:30 a.m. (3) New Mexico Housing Trust Fund Update—George Maestas, Assistant Director of Housing Development, MFA—Tim Martinez, Development Loan Manager, MFA—Sabrina Su, Reporting and Grant Specialist, MFA

10:50 a.m. (4) Regional Housing Authority Update—Donna Maestas-De Vries, Deputy Director of Programs, MFA—Gina Bell, Assistant Director of Community Development, MFA—Julian J. Barela, Division Director, Office of Public Housing, Region 6,

United States Department of Housing and Urban Development

11:05 a.m. (5) Proposed Amendments to the New Mexico Housing Trust Fund Act andRules—Rebecca Velarde, Director of Policy and Planning, MFA

11:20 a.m. (6) MFA 2021 Legislative Agenda: Final Review of Bills—Isidoro "Izzy" Hernandez, Executive Director, MFA—Rebecca Velarde, Director of Policy and Planning, MFA

11:35 a.m. Public Comment*

11:45 a.m. Adjourn








*The State Capitol is closed to the public, but the meeting will be webcast and can be viewed byclicking the video icon beneath the meeting agenda on the Mortgage Finance Authority ActOversight Committee web page. Members of the public may make comments during the publiccomment portion of the meeting by following the instructions under the "Extra Information"portion of the web page.



MINUTESof the

SECOND MEETINGof the


October 8, 2020Video Conference Meeting

The second meeting of the Mortgage Finance Authority Act Oversight Committee wascalled to order by Senator Nancy Rodriguez, chair, on Thursday, October 8, 2020, at 10:06 a.m.by video and audio conference via an online platform.

Present AbsentSen. Nancy Rodriguez, ChairRep. Eliseo Lee Alcon, Vice ChairRep. Alonzo BaldonadoRep. Rod MontoyaSen. Michael PadillaRep. Andrea Romero

Sen. Gregory A. BacaSen. Stuart Ingle

Advisory MembersRep. Rachel A. BlackRep. Kelly K. FajardoRep. Javier MartínezSen. Richard C. MartinezSen. Gerald Ortiz y PinoRep. Sheryl Williams Stapleton

Rep. Georgene LouisSen. Sander Rue

Guest LegislatorSen. Roberto "Bobby" J. Gonzales

StaffAnthony Montoya, Staff Attorney, Legislative Council Service (LCS)Catherine Sayler, Committee Staff, LCSMadelyn Lucas, Intern, LCS

Minutes ApprovalBecause the committee will not meet again this year, the minutes for this meeting have

not been officially approved by the committee.

HandoutsHandouts and other written testimony are in the meeting file and posted on the

legislature's website.

Thursday, October 8

Welcome and Introductions (10:06 a.m.)Senator Rodriguez welcomed committee members, staff and guests. Committee members

and staff introduced themselves.

Executive Director Update (10:15 a.m.)Isidoro "Izzy" Hernandez, executive director, New Mexico Mortgage Finance Authority

(MFA), gave the committee an update on strategic plan development and plans to allocateemergency coronavirus disease 2019 pandemic funding.

Comments from committee members included the following:

• an additional $2 million from the United States Department of Housing and UrbanDevelopment (HUD) is earmarked for existing and new partners that deliver servicesto the homeless; and

• New Mexico's council of governments (COGs) are not involved in the distribution ofcoronavirus disease 2019 pandemic funding; rather, individuals within each COG willapply to the MFA for assistance.

MFA 2021 Budget (10:23 a.m.)Gina Hickman, deputy director of finance and administration, MFA, reviewed the MFA

budget and revenue projections for fiscal year (FY) 2020 and FY 2021. The presentation can befound here, at Tab 2:

https://www.nmlegis.gov/handouts/MFA%20100820%20Item%200%2010-8-20%20LOC%20packet.pdf.


• the MFA achieved a 17% increase in revenue in the current fiscal year; the twodrivers of that increase were: 1) the MFA began funding some single-familymortgage loans by selling the loans for a one-time immediate payment rather thanissuing bonds and receiving annuitized revenue over a 30-year period; and 2) in 2017,the MFA started earning revenue in its servicing portfolio, and those revenues havegrown with time;

• during the coronavirus disease 2019 pandemic, the MFA could continue to sell loansrather than issue bonds; the MFA monitors the market every day to make thosedecisions;

• the distinction between "administrative fees" and "servicing revenue" is depicted onSlide 4. Administrative fees are earned up front for setting up the mortgage, andservicing revenue is a strip of revenue that the MFA earns over the life of themortgage; and

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https://www.nmlegis.gov/handouts/MFA%20100820%20Item%200%2010-8-20%20LOC%20packet.pdf


• administrative fees and servicing revenue add to the cost of a mortgage, but that istypically the way mortgages are set up; there are costs associated with creating themortgage, and these fees are how those costs are funded.

Minutes Approval (10:43 a.m.)On a motion made and seconded, the minutes of the September 11, 2020 meeting were

approved.

New Mexico Housing Trust Fund Update (10:46 a.m.)George Maestas, assistant director of housing development, MFA; Tim Martinez,

development loan manager, MFA; and Sabrina Su, reporting and grant specialist, MFA, gave thecommittee an update on development awards for low-income housing and rental assistanceprovided through the New Mexico Housing Trust Fund. The presentation can be found here, atTab 3:



• the MFA plans to continue with monthly funding rounds on the $2.9 million balanceof rental assistance yet to be awarded;

• rental assistance is awarded in three-month increments;• the MFA is seeing an uptick in applications for rental assistance as federal emergency

assistance expires; and• the rental assistance program does not expire as long as the funds exist.

Regional Housing Authority Update (10:59 a.m.)Donna Maestas-De Vries, deputy director of programs, MFA; Gina Bell, assistant director

of community development; and Julian J. Barela, division director, Office of Public Housing,Region 6, HUD, gave an overview and update on the activities of New Mexico's regional housingauthorities. The presentation can be found here, at Tab 4:



• the status for a regional housing authority is determined by the HUD through anevaluation of four measures: financials, management, use of capital funds andphysical assessment;

• an authority with a substandard status is evaluated annually; and

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• the MFA has oversight functions over the regional housing authorities, but noenforcement powers; the HUD develops action plans when an authority enters atroubled status.

Proposed Amendments to the New Mexico Housing Trust Fund Act and Rules (11:25 a.m.)Rebecca Velarde, director of policy and planning, MFA, explained the need for changes

to rules established in conjunction with the New Mexico Housing Trust Fund Act. Thepresentation can be found here, at Tab 5:



• committee approval of rule changes happens every year, and this year, the changeswould allow the trust fund to cover a wider variety of housing needs, such as assistingpeople in market-rate housing who have been affected by the coronavirus disease2019 pandemic and need assistance with repairs; and

• without accompanying statutory changes, it may not be possible to provide rentalassistance through the trust fund.

Upon a motion made and seconded, the rule changes outlined in the presentation wereapproved without objection.

MFA 2021 Legislative Agenda: Final Review of Bills (11:37 a.m.)Mr. Hernandez and Ms. Velarde discussed MFA legislative requests for the 2021

legislative session. The presentation can be found here, at Tab 6:



• continued funding of the New Mexico Housing Trust Fund is important, given thatthe fund generates a 25:1 benefit-to-cost ratio; and

• what is being done to help homeless New Mexicans, particularly those in theinternational district of Albuquerque; the MFA has distributed approximately $8million to homeless shelters across the state to create new housing opportunities, butCommunity Block Development Grant funds are specifically targeted to assist withrental and mortgage payments.

Motions for endorsement: Upon motions duly made and seconded and with noobjections, the committee approved endorsement of the proposed legislation identified in thepresentation as .218281.2SA and .218278.1SA.

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Public Comment (11:52 a.m.)There was no public comment.

AdjournmentThere being no further business before the committee, the meeting adjourned at 11:56

a.m.

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ENDORSED LEGISLATION

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4/30/21

______ BILL

55TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2021

INTRODUCED BY

DISCUSSION DRAFT

AN ACT

RELATING TO HOUSING; EXPANDING THE PURPOSE OF THE NEW MEXICO

HOUSING TRUST FUND ACT TO INCLUDE THE PRESERVATION OF HOUSING;

PERMITTING THE DEVELOPMENT OF PROGRAM GUIDELINES; PERMITTING

CERTAIN FUNDS TO BE AWARDED BASED ON NEED.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1. Section 58-18C-2 NMSA 1978 (being Laws 2005,

Chapter 105, Section 2) is amended to read:

"58-18C-2. PURPOSE.--The purpose of the New Mexico

Housing Trust Fund Act is to provide flexible funding for

housing initiatives in order to produce and preserve

significant [additional] housing investment in the state."



"58-18C-3. DEFINITIONS.--As used in the New Mexico

.218278.1SA



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Housing Trust Fund Act:

A. "affordable housing" means residential housing

primarily for persons or households of low or moderate income;

B. "authority" means the New Mexico mortgage

finance authority;

C. "committee" means the New Mexico housing trust

fund advisory committee;

D. "fund" means the New Mexico housing trust fund;

E. "persons of low or moderate income" means

persons and households within the state who are determined by

the authority to lack sufficient income to pay enough to cause

private enterprise to build and preserve an adequate supply of

decent, safe and sanitary residential housing in their locality

or in an area reasonably accessible to their locality and whose

incomes are below the income levels established by the

authority to be in need of the assistance made available by the

New Mexico Housing Trust Fund Act, taking into consideration,

without limitation, such factors as defined under that act; and

F. "residential housing" means any building,

structure or portion thereof that is primarily occupied, or

designed or intended primarily for occupancy, as a residence by

one or more households and any real property that is offered

for sale or lease for the construction or location thereon of

such a building, structure or portion thereof. "Residential

housing" includes congregate housing, manufactured homes and

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housing intended to provide or providing transitional or

temporary housing for homeless persons."



"58-18C-5. ADVISORY COMMITTEE CREATED.--

A. The "New Mexico housing trust fund advisory

committee" is created. The committee shall consist of the

following nine members, who shall represent geographically the

state, affordable housing advocates and practitioners:

(1) three public members appointed by the

governor;


president pro tempore of the senate; and


speaker of the house of representatives.

B. Members of the committee shall be appointed for

two-year terms and shall be eligible for reappointment.

Vacancies shall be filled by the appropriate appointing

authority.

C. The committee shall be advisory to the authority

and shall be subject to oversight by the Mortgage Finance

Authority Act oversight committee.

D. The committee shall review all project

applications or program guidelines and make recommendations to

the authority for funding them. The committee shall not be

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involved in or advisory to the authority in matters relating to

the investment of the fund.

E. The committee shall adopt rules regarding:

(1) the time, place and procedures of

committee meetings; and

(2) the procedures for the review of and

standards for recommending applications or program guidelines

for loans or grant projects."



"58-18C-6. AWARD OF FUNDS--ACCOUNTABILITY.--

A. Trust funds shall be awarded either on a

competitive basis or based on need as determined by the

authority. The authority's staff shall work with the committee

to develop an application and applicant scoring mechanism or

program guidelines that [encourages] encourage applicants to

develop solutions that are responsive to local needs and are

consistent with sound housing policy.

B. The authority's governing body shall be

responsible for ensuring that on an [annual] overall basis the

total funds awarded for housing activities attract at least

three times as much funding from other sources."

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.218278.1SA



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SENATE BILL

55TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2021

INTRODUCED BY

ENDORSED BY THE MORTGAGE FINANCE AUTHORITY ACT OVERSIGHT

COMMITTEE

AN ACT

MAKING AN APPROPRIATION TO THE NEW MEXICO HOUSING TRUST FUND.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1. APPROPRIATION.--Twelve million dollars

($12,000,000) is appropriated from the general fund to the New

Mexico housing trust fund for expenditure in fiscal year 2022

and subsequent fiscal years by the New Mexico mortgage finance

authority for the purposes of carrying out the provisions of

the New Mexico Housing Trust Fund Act. Any unexpended or

unencumbered balance remaining at the end of a fiscal year

shall not revert to the general fund.

.218281.2SA

Legislative Council Service

Santa Fe, New Mexico

mortgage finance authority act oversight committee

Documents