Gov. Michelle Lujan Grisham, left, with Sen. Michael Padilla, D-Albuquerque, and Daniel Werwath, a housing policy adviser, speak to lawmakers in favor of a housing bill Feb. 8 (Photo by Eddie Moore / Albuquerque Journal)
The New Mexico Legislature will send a bill to Gov. Michelle Lujan Grisham unlocking $125 million for housing development, a big infusion of money intended for affordable housing infrastructure and homes for the middle class.
Senators, without debate, approved House Bill 195 on Wednesday. The bill allows a revolving loan fund overseen by the New Mexico Finance Authority to be spent on building, acquiring and rehabilitating housing projects. Without the change, the existing Opportunity Enterprise Revolving Loan Fund could be spent only on commercial development.
The bill’s passage also means $175 million approved in the budget can flow into the fund, including $125 million just for housing investments.
In introducing the bill he co-sponsored, Sen. Michael Padilla (D-Albuquerque) cited the ongoing housing crisis as why such a big investment is needed. The state lacks at least 32,000 units affordable to those who earn less than 30% of their area’s median income, according to a recent study.