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Measure Providing Permanent Funding Source for Affordable Housing Passes Finance Committee

For Immediate Release

Contact:

Chris Nordstrum (415) 601-1992 Chris.Nordstrum@nmlegis.gov

SANTA FE – Today, Senate Bill 134: New Mexico Housing Trust Fund, successfully passed the Senate Finance Committee, receiving bipartisan support (7-2).

This legislation, sponsored by Senator and Vice-Chair of the Senate Finance Committee Nancy Rodriguez (D- Santa Fe) and Representative Nathan Small (D-Las Cruces), would provide a dedicated funding source for the New Mexico Housing Trust Fund.

SB 134 will annually allocate 2.5% of severance tax bond capacity for the New Mexico Housing Trust Fund, administered by the New Mexico Mortgage Finance Authority, to build, rehabilitate and/or weatherize affordable homes for low-income New Mexicans. To date, this program has resulted in 4,532 new affordable housing units with an economic impact of $580 million in 16 counties.

“A real lack of affordable housing has been a problem in our state for many years,” said bill sponsor Senator Rodriguez. “In the last few years and especially during this pandemic the problem has only gotten worse. This measure will ensure that we have recurring, sustainable housing funds so direly needed across the state for years to come.”

“These much-needed funds will go a long way in addressing the many housing needs in the state that are the foundation for strong families and thriving communities. We are grateful for the support of the Senate Finance Committee, Senator Rodriguez and Representative Small and our partners, and we respectfully ask for the support of all legislators in this transformations bill,” said Izzy Hernandez, Executive Director/CEO of the New Mexico Mortgage Finance Authority.

In New Mexico, over 200,000 households are considered housing cost burdened or severely burdened, meaning they pay more than 30% to upwards of 50% of their income on housing costs. Further, there is a shortage of 32,000 units for extremely low-income renters.

Senate Bill 134, which previously received a do-pass vote from the Senate Health & Public Affairs Committee (5-1), now goes to the full Senate for consideration.

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