Provides funding for residential and workforce housing development
in communities throughout the state

Santa Fe, N.M. - Legislation to support housing development across New Mexico passed the House of Representatives today with a bipartisan vote of 50-16. House Bill 195 would expand the Opportunity Enterprise Act, which was signed into law in 2022 to help communities acquire commercial spaces, to also support residential development. 

House Bill 195 would create a dedicated Housing Development Fund within the New Mexico Finance Authority to help local communities build, acquire, and rehabilitate housing for middle and working-class New Mexicans. This would also include workforce housing, as well as housing for individuals with behavioral health needs and survivors of domestic violence. The bill is based on feedback and suggestions from the Opportunity Enterprise Review Board. 

“We know that New Mexico needs more than affordable housing to support our families and grow our workforce, we need housing that is affordable for all,” said lead sponsor Rep. Linda Serrato (D-Santa Fe). “House Bill 195 would provide developers with the early capital they need to build up our housing inventory for everyday New Mexicans.”

House Bill 195 is supported by $75 million in the state budget and is co-sponsored by Representatives Meredith Dixon (D-Albuquerque), Joy Garratt (D-Albuquerque), Natalie Figueroa (D-Albuquerque), Cristina Parajón (D-Albuquerque), and Senate Majority Whip Michael Padilla (D-Albuquerque). The bill now heads to the Senate. 

The Roundhouse is open to the public for the 2024 session. Members of the public can also view floor sessions and committee meetings on the New Mexico Legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.