A home lit by a streetlight Saturday night in Las Vegas, N.M. A Senate committee on Monday sent forward a proposed $500 million appropriation for affordable housing in New Mexico. (Photo by Patrick Lohmann / Source NM)
A Senate committee on Monday approved legislation that would put half a billion dollars toward affordable housing in New Mexico – a huge investment that one lawmaker said is necessary to stem the tide of homelessness and rising housing costs in the state.
Sen. Nancy Rodriguez (D-Santa Fe) acknowledged that the Legislature likely won’t award the full amount of her proposed $500 million appropriation request for the Housing Trust Fund, a program overseen by the New Mexico Mortgage Finance Authority.
She asked for that amount of money to send the message that there is an overwhelming need for a huge investment in housing across the state. And she said Housing Trust Fund administrators have proven themselves capable of leveraging relatively small appropriations from the state into more affordable housing options.