This bill amends the Affordable Housing Act to establish a new "Creditworthiness Assistance Program" aimed at providing financial support to individuals facing challenges with unpaid rent or damages to rented properties. It introduces the concept of "creditworthiness assistance grants," which can be utilized by participants for up to $5,000 in unpaid rent and $2,500 for property damages. The bill outlines eligibility criteria for both individual and non-individual qualifying grantees, emphasizing the need for a functioning accounting system and significant activities related to renting residential housing. Additionally, it creates the "Creditworthiness Assistance Fund," which will be administered by the New Mexico mortgage finance authority and will consist of various financial contributions to support the program.

The bill also modifies existing provisions regarding housing assistance grants, allowing governmental entities to cover costs related to unpaid rent and property damages as part of their support for affordable housing initiatives. It mandates that counties and municipalities must enact ordinances to authorize these grants and outlines the necessary review processes by the authority. Furthermore, the bill appropriates $250,000 from the general fund to support the administration of the Creditworthiness Assistance Fund, ensuring that funds remain available for future fiscal years.

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