The proposed "Professional Recruitment and Retention Act" aims to support the recruitment and retention of qualified professionals in New Mexico by providing loans for home purchases. The New Mexico Mortgage Finance Authority will administer the program, which is designed for licensed professionals such as nurses, dentists, physicians, and social workers. Eligible applicants can receive loans for down payments or closing costs, contingent upon their commitment to practice in New Mexico for a minimum of ten years at three-fourths full-time employment. The program will include specific eligibility criteria, including income limits and proof of licensure.

The bill outlines the terms of the loans, including a maximum amount not exceeding ten percent of the home purchase price and stipulations for repayment based on the duration of the recipient's employment in the state. If a recipient fails to meet the program's requirements, they may be required to repay a portion of the loan, depending on how long they have held the loan. Additionally, the authority is tasked with providing annual reports on the program's activities, and the bill includes an appropriation of $5 million from the general fund to support its implementation over the next two fiscal years.