The bill amends Section 11-3A-9 of the New Mexico Statutes to grant regional housing authorities the authority to create nonprofit corporations for the purpose of carrying out their powers and duties. The creation of these nonprofit corporations requires a resolution from the board of commissioners and must be approved by the New Mexico mortgage finance authority. The bill specifies that these nonprofit corporations will be subject to the same duties and limitations as the regional housing authority.

Additionally, the bill allows these nonprofit corporations to enter into intergovernmental support agreements with the United States Department of Defense and its service branches. This includes activities such as leasing, developing, constructing, renovating, maintaining, repairing, or managing property, both within and outside New Mexico. The proceeds from these activities are intended to support the affordable housing objectives of the regional housing authority that established the nonprofit corporation.

Statutes affected:
introduced version: 11-3A-9