The proposed "Professional Recruitment and Retention Act" aims to support the recruitment and retention of qualified professionals in New Mexico by providing loans for home purchases. The New Mexico Mortgage Finance Authority will administer the program, which is designed for licensed professionals such as nurses, physicians, and social workers. Eligible applicants can receive loans for down payments or closing costs, contingent upon their commitment to practice in New Mexico for a minimum of ten years at three-fourths full-time employment. The program will also establish an account for managing funds and will require applicants to meet specific income and documentation criteria.

The bill outlines the terms of the loans, including a maximum amount not exceeding ten percent of the home purchase price and a lien on the property for ten years. It also specifies conditions under which loans may be canceled and repayment obligations if the recipient fails to meet the program's requirements. Additionally, the authority is tasked with providing annual reports on the program's activities. An appropriation of $5 million from the general fund is allocated to support the implementation of this act over the next two fiscal years.