VOLUME I – JANUARY 15, 2024

THE 56TH LEGISLATURE, 2ND SESSION

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The second session of the 56th Legislature will commence on January 16th at noon, lasting for 30 days with a primary focus on budgetary matters and bills that receive a message from the Governor. New Mexico is unique in that both the Governor and the Legislative Finance Committee propose comprehensive budget recommendations to the full Legislature.

Budget Recommendations for FY25:

Governor’s Budget Recommendation: $10.5 billion (9.9% increase from FY24)
Legislative Budget Recommendation: $10.1 billion (5.9% increase from FY24)

These proposed budget increases aim to address critical issues within the state, including housing and homelessness.

Notable highlights from the Governor's recommendation include:

$250 million allocated for the New Mexico Housing Trust Fund
$250 million designated for the New Mexico Finance Authority Opportunity Enterprise Revolving Fund to support affordable housing
$40 million allocated for homelessness initiatives statewide

[Read the full press release here ]

PREFILED BILLS

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As of the prefiling deadline on January 14th, a total of 228 bills were prefiled—117 in the House of Representatives and 111 in the Senate. Housing and homelessness will be a major topic of conversation during this session. Below is a list of housing and real estate-related bills that were prefiled, along with the names of the bill sponsors:

House Bill 24 (Cates) - Amends property law relating to condominiums to require that by July 2, 2024, at least 55 percent of units of condominiums are owner-occupied and to require at least 35 percent of the members of the governing body of associations that manage a condominium own and occupy units within that condominium.
House Bill 25 (Cates) - Makes it illegal to discriminate against renters or homebuyers based on income source/s.
House Joint Resolution 4 (Ferrary) - Proposes to amend the constitution of NM Article 2 by adding a new section that provides the people of the state with environmental rights and directs the state, counties, and municipalities to serve as trustees of the state’s natural resources for the benefit of all the people.
Senate Prefile 226632 (Griggs) - Increases the Occupancy Tax (Lodger’s Tax Act) and modifies the uses of the tax to include quality-of-life facilities and allows bond issue to help defray the cost of the facilities.
Senate Prefile 226663 (Rodriguez) - Appropriates five hundred million ($500,000,000) to the New Mexico Housing Trust Fund. The Mortgage Finance Authority Act Oversight Committee sought introduction of this bill.
Senate Prefile 226721 (Gonzales) - Proposes a financial allocation to support the Affordable Housing Act through the New Mexico Mortgage Finance Authority. The funds are intended to be used to carry out the objectives of the Affordable Housing Act, focusing on initiatives to make housing more accessible and affordable within the state.
Senate Prefile 226746 (Padilla) - Creates the office of housing, providing powers and duties, providing for the development, and updating of the state housing plan, and adding the director of the office of housing to the New Mexico Mortgage Finance Authority.
Senate Prefile 226798 (Sedillo-Lopez) - Proposing to amend the constitution of NM by adding a new section of article 2 that provides the people of the state with environmental rights, including the right to clean and healthy air, water.
Senate Prefile 22798 (Sedillo-Lopez) - Proposing to amend the constitution of NM by adding a new section of article 2 that provides the people of the state with environmental rights, including the right to clean and healthy air, water, soil, native ecosystems and environments, including a safe climate, and directs the state, counties and municipalities to serve as trustees of the natural resources of NM for the benefit of all the people.
Senate Prefile 227196 (Neville) - Transfers three hundred million dollars ($300,000,000) to the Conservation Legacy Permanent Fund for the purposes of the fund and makes an appropriation.

Learn more about legislation by searching for the bill HERE.

LEGISLATIVE PRIORITIES

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HOUSING INVENTORY

REALTORS® advocate for an increased housing inventory across New Mexico. REALTORS® support the creation of workforce housing, including affordable housing for veterans and seniors. REALTORS® support programs to curtail unsheltered homelessness.

RENT CONTROL

REALTORS® oppose legislation that would seek to repeal the rent control prohibition in New Mexico. REALTORS® support legislation that encourages the construction of rental dwellings across New Mexico.

TAX POLICY

REALTORS® support fair property tax assessments and equitable tax policy. REALTORS® oppose transfer taxes on the sale or transfer of real property.

ECONOMIC DEVELOPMENT

REALTORS® support legislation that provides jobs and encourages investment. REALTORS® advance initiatives that support a healthy economy in New Mexico. REALTORS® support statewide broadband availability.

WATER

REALTORS® support legislation that ensures that the availability and quality of water meet the needs of New Mexico and its people.

LEGISLATIVE COMMITTEE

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The NMAR Legislative Committee will meet weekly during the Legislative Session to discuss and take positions on legislation. The primary goal of the Legislative Committee when reviewing proposed legislation or legislative initiatives is the protection of private property rights and a business climate unfettered by adverse or unnecessary regulations or taxation.

LOBBYING STRUCTURE

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TEXT "REALTORS" TO 30644 TO STAY UP TO DATE

SAVE THE DATE:

REALTORS^® at the Roundhouse

January 25, 2024 • 9:30–11:30 AM

9:30 AM – Meet in La Fonda Lobby to walk to the Roundhouse

9:45 AM – Picture in front of the Roundhouse

10:00 AM – Press Conference in Roundhouse Rotunda

David C. Saavedra

Government Affairs Director

davids@nmrealtor.com

(505) 467-6303

Throughout the session, NMAR will release a new volume of the Legislative Update every Monday. Members are encouraged to stay up to date with NMAR legislative priorities and respond to Calls for Action when they are sent out.

The New Mexico Association of REALTORS^® is the largest professional trade association in the state, with 7,500+ REALTOR^® members living and doing business in every New Mexico legislative district.

Visit our website to learn more about NMAR Advocacy efforts www.nmrealtor.com.

THE VOICE FOR REAL ESTATE IN NEW MEXICO