The bill aims to prevent foreign corporations from purchasing single-family residential properties in New Mexico for the purpose of using them as investment rental properties. Specifically, it prohibits any foreign corporation, including its in-state subsidiaries, from making such purchases until July 1, 2036. The term "foreign corporation" is defined in the bill as any corporation organized under the laws of another state or a foreign country.

This legislation is intended to address concerns regarding the impact of foreign investment on the local housing market, particularly in terms of affordability and availability of homes for residents. By restricting these transactions, the bill seeks to protect the interests of New Mexico residents and ensure that single-family homes remain accessible for personal use rather than being primarily viewed as investment opportunities by foreign entities.