Chapter 58, Chapter 58

A. The legislature finds and declares that there exists in the state of New Mexico a serious shortage of decent, safe and sanitary residential housing available at prices and rentals within the financial means of persons and families of low or moderate income. This shortage is se…

supplemental legislative findings and purpose. The legislature finds and declares that there is a critical shortage of multiple-family, transitional and congregate dwellings that provide decent, safe and sanitary residential housing at rentals that persons and families of low or …

A. All money of the authority from whatever source derived, except as otherwise authorized or provided in the Mortgage Finance Authority Act, shall be paid to the treasurer of the authority and shall be deposited forthwith in a bank designated by the authority. The money in such …

Neither the members of the authority nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability for any action taken or omitted within that scope of authority. History: 1953 Comp., § 13-19-21, enacted by Laws …

All state officers and all state agencies may render such services to the authority within their respective functions as may be requested by the authority. History: 1953 Comp., § 13-19-22, enacted by Laws 1975, ch. 303, § 22.

Any action or proceeding to which the authority or the people of the state may be a party in which any question arises as to the validity of the Mortgage Finance Authority Act shall be preferred over all other civil causes in all courts of the state and shall be heard and determi…

The authority and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the authority has bonds, notes, other obligations or pass-through securities or guarantees outstanding unless adequate provision has been made …

A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority or any secondary market facility is or is to be a party or in any mortgage lender requesting a loan from or offering to sell mortgage loans to…

The Mortgage Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of the things authorized by that act, shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of …

The Mortgage Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes. History: 1953 Comp., § 13-19-27, enacted by Laws 1975, ch. 303, § 27; 1995, ch. 9, § 36.

As used in the Mortgage Finance Authority Act: A. "authority" means the New Mexico mortgage finance authority; B. "bonds" or "notes" means the bonds or bond anticipation notes, respectively, issued by the authority pursuant to the Mortgage Finance Authority Act; C. "federal gover…

transitional and congregate housing facilities. As used in the Mortgage Finance Authority Act: A. "multiple-family dwelling project" means residential housing that is designed for occupancy by more than four persons or families living independently of each other or living in a co…

As used in the Mortgage Finance Authority Act: A. "pass-through securities" means securities representing undivided ownership interests in a pool of mortgage loans; and B. "secondary market facility" means a corporation, trust or other form of legal entity established by the auth…

A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality, to be known as the "New Mexico mortgage finance authority", for the performance of essential public functions. The authority shall be composed …

The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the Mortgage Finance Authority Act, including but without limiting the generality of the foregoing, the power: A. to sue and be sued; B. to have a seal and a…

The authority shall make available to the Mortgage Finance Authority Act oversight committee all of its records and facilities upon written request. History: 1978 Comp., § 58-18-5.2, enacted by Laws 1981, ch. 173, § 2; 1995, ch. 9, § 8.

congregate housing facilities. In addition to the specific powers of the authority set forth in Section 58-18-5 NMSA 1978, the authority shall have the power to: A. subject to the limitations of Subsection X of Section 58-18-5 NMSA 1978, make project mortgage loans or purchase or…

and congregate housing facilities. A. The authority shall require, as a condition of making or purchasing a project mortgage loan, that the sponsor agree to comply with the requirements and to make the representations and warranties as the authority deems reasonably necessary to …

single state housing authority; application for and receipt of federal funds; administration of housing programs. In addition to the powers granted the authority pursuant to Sections 58-18-5 and 58- 18-5.3 NMSA 1978, the authority: A. is designated as the state housing authority …

The authority shall: A. appoint a representative to both the behavioral health planning council and the interagency behavioral health purchasing collaborative; and B. ensure that any behavioral health services, including mental health and substance abuse services, and any housing…

A. The authority may make and contract to make loans to mortgage lenders on terms and conditions as it determines, and all mortgage lenders are authorized to borrow from the authority in accordance with the provisions of this section and the rules and regulations of the authority…

A. The authority may purchase and contract to purchase mortgage loans at the prices and upon the terms and conditions as it determines. All mortgage lenders are authorized to sell mortgage loans to the authority in accordance with the provisions of this section and the rules and …

All mortgage lenders are authorized to sell project mortgage loans to and to accept loans from the authority in accordance with the provisions of the Mortgage Finance Authority Act and the rules and regulations of the authority. To the extent that any provisions of this section m…

establishment. A. The legislature finds and declares that it is necessary and in the public interest that the authority be authorized to create, operate, fund, administer and maintain a secondary market facility for mortgage loans and to otherwise act as a conduit for public and …

The authority may develop a tax-exempt bond, a taxable bond or an authority- funded program for the financing of home improvement or rehabilitation loans. Such a home improvement or rehabilitation loan program may be conducted in concert with any appropriation provided by the leg…

A. The authority shall adopt and may from time to time modify or repeal, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations: (1) for determining income levels for the classification of persons of low or moderate income, whic…

dwellings, transitional and congregate housing facilities. Prior to financing a multiple-family dwelling project or transitional or congregate housing facility, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules a…

facility. Prior to establishing a secondary market facility or issuing any pass-through security, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the operations of the secondary market…

improvement loan program. Prior to implementing the home improvement loan program referred to in Subsection B of Section 58-18-7.3 NMSA 1978, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations gove…

The authority shall not make loans to mortgage lenders pursuant to Section 58-18-6 NMSA 1978 or purchase mortgage loans pursuant to Section 58-18-7 NMSA 1978 until the authority has determined: A. that the supply of funds available in the private banking system in the state for r…

This act [58-18A-1 to 58-18A-12 NMSA 1978] may be cited as the "Municipal Mortgage Finance Act". History: Laws 1979, ch. 381, § 1.

The issuer, or any trustee or custodian on behalf of the issuer, may invest any funds held by it as provided in the ordinance authorizing the issuance of the bonds or a trust indenture executed pursuant thereto. History: Laws 1979, ch. 381, § 10.

The bonds authorized by the Municipal Mortgage Finance Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision thereof, subject to the provisions of the Banking and Financial Corporations Tax Act. History: Laws 1979, ch. 381, …

The provisions of the Municipal Mortgage Finance Act shall be liberally construed in order to effectively carry out the purposes of that act. History: Laws 1979, ch. 381, § 12.

It is hereby declared that: A. within the state there exists a shortage of funds available on reasonable terms and conditions for the making of mortgage loans to persons of low or moderate income which has resulted in a shortage of decent, safe and sanitary housing at prices whic…

As used in the Municipal Mortgage Finance Act: A. "agreement" means a written agreement between two or more municipalities designating one of such municipalities as the "issuer" on behalf of the other participating municipality or municipalities, establishing the issuer's area of…

A. In addition to powers which a municipality now has pursuant to the laws of the state, every municipality shall, within its area of operation, have all powers necessary or desirable to accomplish the purposes of the Municipal Mortgage Finance Act, including but not limited to, …

A. For the purposes of the Municipal Mortgage Finance Act, two or more municipalities may enter into an agreement designating one such municipality as issuer and establishing as the area of operation of the issuer the combined areas of operation of such participating municipaliti…

A. Bonds of an issuer issued pursuant to the terms of the Municipal Mortgage Finance Act shall be authorized by ordinance of its governing body and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or r…

A. The principal of an interest of any bonds issued pursuant to the Municipal Mortgage Finance Act may be secured by and payable from a pledge of the revenues and receipts derived from the mortgage loans and property securing the mortgage loans and the revenues and receipts other…

security; negotiability. The state and all public officers, municipal corporations, political subdivisions and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies a…

The powers conferred by the Municipal Mortgage Finance Act shall be in addition and supplemental to the powers conferred by any other law. History: Laws 1979, ch. 381, § 9.

This act [58-18B-1 to 58-18B-11 NMSA 1978] may be cited as the "Low-Income Housing Trust Act". History: Laws 1994, ch. 146, § 1.

If any part of the Low-Income Housing Trust Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with resp…

The legislature finds that: A. current economic conditions, federal housing policies and declining resources at the federal, state and local levels affect adversely the ability of low-income persons to obtain safe, decent and affordable housing; B. it is in the public interest to…

As used in the Low-Income Housing Trust Act: A. "appropriate financial institution service charges and fees" means those service charges and fees that a financial institution charges its customers on demand deposit accounts; B. "division" means the financial institutions division…

pooled interest-bearing accounts; disposition of earned interest on certain accounts. A. Every real estate broker who maintains a trust or escrow account as required pursuant to the provisions of Paragraph (8) of Subsection A of Section 61-29-12 NMSA 1978 may maintain a pooled in…

be made available; computation of interest; reports. A. Any depository institution regulated by the division that maintains trust or escrow accounts for customers may establish and make available pooled interest-bearing accounts. Interest on a pooled interest-bearing account shal…

Money from the fund and other sources shall be used in accordance with the provisions of the Land Title Trust Fund Act [58-28-1 to 58-28-8 NMSA 1978]. History: Laws 1994, ch. 146, § 12; 1999, ch. 41, § 4.

Sections 1 through 9 of this act [58-18C-1 to 58-18C-9 NMSA 1978] may be cited as the "New Mexico Housing Trust Fund Act". History: Laws 2005, ch. 105, § 1.