The bill establishes the "New Homes Development Program" within the New Mexico Mortgage Finance Authority, aimed at providing home buyer assistance to qualifying grantees. It defines key terms such as "home buyer assistance" and outlines the program's administration, including eligibility requirements, disbursement procedures, and repayment protocols. The program will offer grants of up to $10,000 to assist in purchasing homes that have received a certificate of occupancy within the last twelve months. Additionally, the authority is tasked with creating rules for effective program oversight.

To ensure accountability, the bill mandates that the authority submit an annual report to the Mortgage Finance Authority Act oversight committee starting July 1, 2027. This report will detail the number of grants awarded and provide recommendations regarding the program's future. The bill also includes an appropriation of $30 million from the general fund for the program's implementation, with any unspent funds reverting to the general fund at the end of fiscal year 2029.