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 act establishes definitions, eligibility criteria, and program requirements, including a loan limit of ten percent of the home purchase price and a lien on the property for ten years.

Additionally, the act outlines the terms of the loan contract, including conditions for cancellation and repayment. If a qualified professional fails to meet the program's requirements, they may be required to repay a portion of the loan based on the duration of their compliance. The authority is also tasked with providing annual reports on the program's activities. To fund this initiative, the bill appropriates $5 million from the general fund for the fiscal years 2025 and 2026, with any unspent funds reverting to the general fund at the end of the period.