A. The "New Mexico housing trust fund" is created in the authority. The fund shall consist of all distributions and appropriations made to the fund. Earnings of the fund shall be credited to the fund, and unexpended and unencumbered balances in the fund shall not revert to any other fund. The authority shall be the trustee for the fund, and the state investment council shall be the investment agent for the fund.
B. The fund shall consist of revenue from the following recurring sources:
(1) appropriations and transfers from the general fund;
(2) any other money appropriated or distributed to the fund; or
(3) any private contributions to the fund.
C. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the New Mexico Housing Trust Fund Act.
History: Laws 2005, ch. 105, § 4.
ANNOTATIONSEffective dates. — Laws 2005, ch. 105, § 11 makes the act effective July 1, 2005.