On June 24, 2024, the Legislative Council convened to discuss and approve the work plans for the Legislature’s 22 interim committees. These work plans outline the key topics and policy issues that will be addressed in the upcoming sessions. Additionally, the council approved a memorandum allowing each of the 112 legislators to hire a district office staff member. Comprehensive work plans for each of the committees can be found on the New Mexico Legislature website (www.nmlegis.gov).
Key Issues: Housing and Real Estate
Given the current significance of housing and real estate policy issues both in New Mexico and nationwide, it is no surprise that these topics feature prominently across various committees’ work plans.
Courts, Corrections, and Justice Committee (CCJC)
The CCJC will focus on housing-related legal barriers and landlord-tenant relations.
Economic and Rural Development and Policy Committee (ERDPC)
The ERDPC will receive updates from the Regulation & Licensing Department and the New Mexico Mortgage Finance Authority. Their agenda includes discussions on infrastructure development (utilities, transportation, broadband), housing, evictions, and construction.
Water and Natural Resources Committee (WNRC)
The WNRC will hear reports from several executive agencies, including the Office of the State Engineer and the Office of Natural Resources Trustee, regarding statutory reporting requirements, ongoing initiatives, legislative priorities, and budget and staffing needs. The committee will also focus on the implementation of the Water Security Planning Act, review the New Mexico State Water Plan 2024, and discuss water rights litigation and settlements.
Revenue Stabilization and Tax Policy Committee (RSTPC)
The RSTPC will review state property taxes, considering their competitiveness with other states and their impact on local governments. The committee will also examine the taxation of property purchased by international entities and hear from local governments about fiscal challenges and proposed legislative changes, including the Santa Fe excise tax for affordable housing.
New Mexico Finance Authority (NMFA) Oversight Committee
The NMFA Oversight Committee will receive reports on enterprise and housing development assistance provided under the Opportunity Enterprise and Housing Development Act. The committee will consider proposed rules by the NMFA regarding the use of related funds and gather testimonies on capital financing and infrastructure projects.
New Mexico Mortgage Finance Authority (NM MFA) Act Oversight Committee
This committee will review regional and statewide housing programs, changes to existing and proposed MFA rules, and an overview of MFA funding sources and programs. They will also discuss updates on recently passed legislation, the MFA’s budget, key production highlights, the New Mexico Housing Strategy, and reports on bonds issued and financing strategies.
Legislative Finance Committee (LFC)
The LFC will focus on the state budget.
Land Grant Committee (LGC)
The LGC will address water, land, fire prevention, and post-fire recovery issues. This includes the governance of land grant-merced common waters, the status of post-fire recovery efforts, and potential involvement in federal and state land management fire prevention planning. The committee will also discuss land acquisition and management issues, reexamine House Bill 188 (2023), and receive a report on a new rural insurance program.
Conclusion
These comprehensive work plans underscore the Legislature’s commitment to addressing critical issues affecting New Mexico, particularly in housing and real estate. The approval of district office staffing aims to support legislators in their efforts to serve their constituents effectively. As the Voice For Real Estate In New Mexico, the New Mexico Association of REALTORS® will monitor these conversations to help aid our advocacy efforts in the upcoming 60-day session in January 2025.
Questions? Contact David Saavedra, NMAR Government Affairs Director at DavidS@NMRealtor.com or (505) 467-6303.