[ad_1]
The New Mexico House of Representatives on Tuesday approved a bill by a wide margin that would allow a state program that supports commercial development to add housing to its portfolio.
Changes to the Opportunity Corporation Act, which later became the Opportunity Corporation and Housing Development Act, mean the New Mexico Department of Finance can make loans to support the construction, acquisition, and rehabilitation of housing projects. Currently, the law only allows commercial development.
These projects are targeted at “workforce housing” projects that are affordable to people who earn too much to buy low- or moderate-income housing.
“Currently, there is a real shortage in the housing market, particularly in affordable projects, not necessarily ‘affordable housing’ per se, but housing that is affordable to middle-income earners,” bill sponsor Linda said.・Mr. Serrato said. (D-Santa Fe). “And what this fund does is fill that gap.”
Budget of $10.18 billion approved last week The state House budget includes $175 million for the Opportunity Enterprise Revolving Fund, including $75 million dedicated to housing development.
Its inclusion in the state budget is subject to parliamentary approval. House Bill 195discussed on Tuesday.
House members approved House Bill 195 by a vote of 50-16.
Bill to ban ‘source of income’ discrimination narrowly defeated in House committee
The discussion lasted for more than two hours. Republicans say the bill overlaps with other state programs, isn’t transparent enough and doesn’t sufficiently target people with incomes just above the level that qualify them for state and federal aid. He expressed concern about this.
Rep. Rod Montoya (R-Farmington) introduced an amendment that would limit loans for homes that can be purchased by people making less than 250 percent of the area median income.
The bill, as written, simply includes the following language: “without defining low-income or moderate-income persons.” Mr. Montoya’s proposed amendments would also include penalties for developers who fail to rent or sell homes to residents below a certain income.
Montoya said the bill “looks like it would give developers the opportunity to develop these homes, stop them from developing them, and then charge top dollar.” “I don’t see how that’s going to help the communities we think need it, which are low-income people.”
Cerrato said mortgages are targeted at low- and moderate-income people, but with incomes rising across the state, stricter income limits could help finance housing for a wider range of income groups. They said it would be difficult to maintain a program as flexible as possible. .
Three Republican amendments, including Montoya’s, were not adopted. Nine Republicans joined 41 Democrats to move the bill forward. This bill is currently before the Senate.
Governor Michelle Lujan Grisham supports the bill. But her executive budget request called for appropriating her $250 million to the fund.
[ad_2]
Source link
