The proposed "Professional Recruitment and Retention Act" aims to support the recruitment and retention of qualified professionals in New Mexico by providing housing loans for home purchases. The New Mexico Mortgage Finance Authority will administer the program, which will offer loans to professionals such as nurses, dentists, physicians, and other licensed healthcare providers. To qualify for a loan, applicants must demonstrate a current annual income below 151% of the area median income and commit to practicing in New Mexico for a minimum of ten years at three-fourths full-time employment. The loans will cover up to 10% of the home purchase price and will be secured by a lien on the property for ten years.

The bill outlines specific terms for loan repayment and cancellation, including provisions for reimbursement if the recipient fails to meet the program's requirements. A qualified professional who moves out of state or does not fulfill their work obligations may be required to repay a portion of the loan based on the duration of their compliance. Additionally, the authority is tasked with providing annual reports on the program's activities, including the number of loans granted and the professions represented. The bill includes an appropriation of $5 million from the general fund to support the program's implementation over the next two fiscal years.