The bill proposes an appropriation of sixty-two million dollars ($62,000,000) from the general fund to the Department of Finance and Administration. This funding is designated for the fiscal years 2027 through 2029 and aims to provide state matching funds to political subdivisions of New Mexico that have received federal assistance for the acquisition and rehabilitation of land located in floodplains. The goal is to restore this land to its natural state, particularly when it poses a threat to life, safety, or public infrastructure due to natural disasters or ongoing flood risks.

Additionally, the bill stipulates that any unexpended balance of the allocated funds at the end of fiscal year 2029 will revert back to the general fund. This ensures that the funds are utilized effectively within the designated timeframe and that any remaining amounts are returned to the state's financial resources.