The bill establishes the Office of Housing Planning and Production in New Mexico, which will be administratively attached to the Department of Finance and Administration. The office's primary purpose is to reduce housing costs, increase housing availability, particularly for low-income and homeless households, and maximize resources to address statewide housing needs. The director of the office will be appointed by the governor and will have the authority to employ necessary staff to fulfill the office's duties. The office will also develop strategies to build partnerships among state agencies and local stakeholders, provide technical assistance, and align resources to enhance housing development and services.

Additionally, the office is tasked with analyzing regulatory frameworks, construction costs, and promoting innovative housing solutions. It will collect and report data on housing and land use annually to evaluate progress toward housing goals, identify gaps in availability, and assess the health of local housing markets. The bill emphasizes the importance of collaboration and accountability in addressing housing needs across income levels and aims to ensure that the state meets or exceeds its housing goals. The act is declared an emergency measure, necessitating immediate implementation for public health and safety.