NEW HOMES FOR NEW MEXICO PROGRAM

Summary

The bill establishes the New Homes for New Mexico program, run by the state mortgage finance authority, to offer interest‑free loans of up to $50,000 (or $75,000 in high‑cost counties) to eligible first‑time homebuyers. Buyers must earn less than 120 % of the area median income and use the home as their primary residence. The law also sets builder requirements, a competitive bidding process, and earmarks $25 million to fund the program.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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