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 the provision of "creditworthiness assistance grants." These grants are designed to support individuals participating in the program by covering unpaid rent and damages caused to rented residential properties. The bill outlines eligibility criteria for both individual and non-individual qualifying grantees, with specific financial limits on the grants provided. 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 provisions related to housing assistance grants, allowing governmental entities to cover costs associated with unpaid rent and property damages as part of their support for affordable housing initiatives. It also emphasizes the need for counties and municipalities to enact ordinances authorizing these grants, ensuring compliance with established rules. The bill appropriates $250,000 from the general fund to support the administration of the Creditworthiness Assistance Fund, with any unspent funds remaining available for future use.

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