The proposed bill amends the Affordable Housing Act to establish a new "Creditworthiness Assistance Program," which includes the creation of a "Creditworthiness Assistance Fund" and provisions for "creditworthiness assistance grants." These grants are designed to assist participants with unpaid rent and damages caused to rented residential properties. The bill outlines eligibility criteria for both individual and non-individual qualifying grantees, as well as the maximum amounts that can be awarded for unpaid rent and property damages. Additionally, it mandates that the New Mexico mortgage finance authority administer the program and develop rules regarding grant applications and participant training on budgeting and credit management.

Furthermore, the bill modifies existing sections of the Affordable Housing Act to incorporate the new creditworthiness assistance grants alongside traditional housing assistance grants. It allows state and local entities to provide funding for unpaid rent and property damages, thereby expanding the scope of support available to low- and moderate-income households. The bill also includes an appropriation of $250,000 from the general fund to support the administration of the new program, ensuring that funds are available for its implementation and ongoing management.

Statutes affected:
introduced version: 6-27-3, 6-27-5, 6-27-7, 6-27-8