Every regional housing authority, in addition to other powers conferred by the Regional Housing Law, shall have, if authorized by resolution of its board of commissioners, the power to create nonprofit corporations to carry out the powers and duties set forth in Section 11-3A-7 NMSA 1978. The articles of incorporation and bylaws, and any subsequent changes, shall be recommended for approval by the New Mexico mortgage finance authority. Such nonprofit corporations shall be subject to all of the duties and limitations imposed on the regional housing authority and its board of commissioners.
History: Laws 1994, ch. 132, § 9; 1995, ch. 191, § 8; 2007, ch. 50, § 5; 2009, ch. 48, § 8; 2019, ch. 85, § 2.
The 2019 amendment, effective June 14, 2019, removed the requirements that the state board of finance approve the creation of non-profit corporations to carry out the powers and duties of a regional housing authority and that the state board of finance approve the articles of incorporation and bylaws of the non-profit corporations; and after "by resolution of its board of commissioners", deleted "and approved by the state board of finance", and after "recommended for approval by", deleted "the state board of finance and".
The 2009 amendment, effective March 31, 2009, added "regional housing authority".
The 2007 amendment, effective March 28, 2007, authorized a regional housing authority to create nonprofit corporations if approved by the state board of finance and requires the state board of finance and the New Mexico mortgage finance authority to review articles of incorporation and bylaws.
The 1995 amendment, effective June 16, 1995, substituted "if authorized by resolution of its board, the power" for "and is hereby authorized, by proper resolution of its board" in the first sentence, and made a stylistic change in the statutory reference.
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