The Professional Recruitment and Retention Act establishes a program administered by the New Mexico Mortgage Finance Authority to provide loans to qualified professionals for expenses related to purchasing a home in New Mexico. The act defines "qualified professionals" as individuals licensed in specific healthcare fields, including registered nurses, physicians, and social workers, among others. To be eligible for a loan, applicants must demonstrate a household income below 151% of the area median income and commit to practicing in New Mexico for ten years at a minimum of 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 act outlines the terms of the loan agreement, 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. 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 act also includes an appropriation of $5 million from the general fund to support the program's implementation over the next two fiscal years.