New Mexico Legislators Push for $500 Million Housing Fund Amid Affordability Crisis
In a renewed effort to address New Mexico’s housing affordability crisis, state legislators are set to request $500 million for the state’s housing agency during the upcoming legislative session. This proposal comes on the heels of earlier allocations and aims to significantly boost efforts in providing affordable housing.
The interim committee overseeing Housing New Mexico recently endorsed the legislation, highlighting the pressing need as the state faces a shortage of at least 32,000 affordable homes. Furthermore, an estimated 20,000 individuals experience homelessness each year in New Mexico.
The requested funds would enhance the agency’s Housing Affordability Trust Fund, which supports various initiatives such as down payment assistance for first-time homebuyers and the development and rehabilitation of properties. This request follows the Legislature’s decision earlier this year to make a historic one-time investment of approximately $200 million in housing, which included substantial funding for workforce housing and anti-homelessness programs.
Longtime housing advocate Senator Nancy Rodriguez, who will retire at the end of the year, originally proposed the $500 million funding during the last session. She has long championed the trust fund, asserting it has a strong return on investment due to its ability to leverage federal and private resources. While previous funding levels have fallen short of her requests, Rodriguez emphasized the fund’s critical role in supporting a range of housing services.
If fully funded, the proposed budget would allow Housing New Mexico to provide assistance to an additional 10,500 individuals, bringing total outreach to over 30,000. Notably, the new request includes a provision allocating 10% of the funds to local governments, promoting changes in zoning ordinances to enhance affordable housing density. As legislators prepare for the January session, the outcome remains uncertain but pivotal for the state’s housing landscape.
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