Section 6-27-6 - Requirement for specific law authorizing a housing assistance grant from state. - New Mexico Statutes

6-27-6. Requirement for specific law authorizing a housing assistance grant from state.

A.     The specific grant of authority created in the Affordable Housing Act [6-27-1 NMSA 1978] is the prior approval required pursuant to Article 4, Section 14 of the constitution of New Mexico to allow the state to provide affordable housing assistance.

B.     Funding pursuant to this grant of authority shall be appropriated to the department of finance and administration for disbursement by the authority to a qualifying grantee in accordance with rules promulgated by the authority.

C.     Rules adopted by the authority may include provisions for matching or using local, private or federal funds in connection with a specific grant, but matching or using federal funds shall not be prohibited.

D.     The authority shall seek comment from the Mortgage Finance Authority Act oversight committee prior to its adoption of rules pursuant to this section.