VOLUME II – JANUARY 22, 2024

THE 56TH LEGISLATURE, 2ND SESSION

Session Day: 6

Session Days Remaining: 24

Total Bills Introduced: 311

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Welcome to the second week of the 56th Legislature's second session. Last week marked a bustling start to the legislative proceedings. Both the House of Representatives and the Senate officially commenced the session, set to span 30 days with a primary focus on budgetary matters. The session saw the swearing-in of two new members in both the House and the Senate.

In a joint session of the House of Representatives and the Senate, Governor Michelle Lujan Grisham delivered her sixth State of the State address, marking the second such address in her second term as governor. During this address, she outlined her key legislative priorities for the 2024 session. Building upon her previous emphasis on housing and addressing homelessness, Governor Grisham presented two primary requests to the legislature. She sought $250 million in low-interest loans to expedite private sector housing development and an additional $250 million to significantly expand homebuyer assistance programs, alongside the creation of a statewide Office of Housing. Notably, she proposed tying state funding for housing development to the implementation of zoning and permitting requirements in line with national best practices by local governments.

The legislative session is now in full swing, with daily floor meetings and committees convening to discuss and deliberate upon specific bills.

JOIN US:

REALTORS^® at the Roundhouse

Thursday, 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

LEGISLATION

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As of the January 22nd, 311 bills have been filed—191 in the House of Representatives and 120 in the Senate. The final day for bills to be introduced is January 31st. Below is a list of housing and real estate-related bills that NMAR is monitoring:

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 Bill 139 (Cates) - Enacts the Professional Recruitment and Retention Housing Loan for Service Act (PRRHLS); provides for program administration by the New Mexico Mortgage Finance Authority (NMMFA); provides loans for service to professionals for expenses related to the purchase of a home; conditions loans on practice in New Mexico; and provides terms for repayment.
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 Bill 4 (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 Bill 7 (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 Bill 9 (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.
Senate Bill 31 (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 Bill 71 (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 Join Resolution 8 (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.

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.

WHAT IS HAPPENING AT THE ROUNDHOUSE?

Find My Legislator

Legislative Leadership

New Mexico Legislature Website

Office of the Governor Website

Session Calendar

Webcast: Watch Live

TEXT "REALTORS" TO 30644 TO STAY UP TO DATE

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