Governor approves new funding for affordable housing – By Dan McKay (Albuquerque Journal) / March 3, 2022
SANTA FE – New Mexico will allocate about $25 million a year to a trust fund that supports affordable housing under legislation signed Thursday by Gov. Michelle Lujan Grisham.
The legislation, Senate Bill 134, won bipartisan support in the legislative session that ended last month.
“Every New Mexican deserves a safe, affordable and comfortable place to live, and this funding stream will make a real difference in the lives of New Mexicans, especially in rural areas of the state,” Lujan Grisham, a Democrat, said in a statement.
The measure requires the state to set aside 2.5% of its severance tax bonding capacity for New Mexico’s housing trust fund. Analysts for the Legislature estimate it will result in $24 million to $26 million flowing into the trust fund each year rather than going to other capital projects.
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