NEW HOMES FOR NEW MEXICO PROGRAM

Summary

The bill establishes the New Homes for New Mexico program, run by the New Mexico Mortgage Finance Authority, to provide eligible first‑time homebuyers with loans of up to $50,000 (or $75,000 in high‑cost counties) to purchase newly built starter homes. Buyers must have never owned a home, earn less than 120% of the area median income for a family of four, and live in the home as their primary residence. The program is funded with a $10 million appropriation from the general fund.

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