SANTA FE, N.M. - U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, met with leaders from Santa Fe Habitat for Humanity and Homewise to announce his New Homes Tax Credit Act, legislation to build more housing and renovate homes for working families, and see how the $1,100,000 he secured through the Appropriations process is helping Santa Fe Habitat for Humanity develop land and build housing for working families.

U.S. Senator Martin Heinrich (D-N.M.) announces his New Homes Tax Credit Act in Santa Fe, October 16, 2024.

"New Mexico is facing a housing shortage. The driving factor behind it is clear: we need to build more homes to meet demand. I authored the New Homes Tax Credit Act and secured federal funding to build more housing, so we can give more working families in our state a shot at owning a home. I will continue fighting to increase housing supply and put homeownership within reach for more New Mexicans," said Heinrich.

Background:

Heinrich recently introduced the New Homes Tax Credit Act, legislation that will provide tax credits to incentivize new investments and additional resources for single-family home construction and renovations for working families.

As Chairman of the U.S. Joint Economic Committee (JEC), Heinrich released a report on housing supply in America, which found that underbuilding, restrictive zoning policies, and home financing hurdles have caused the supply of starter homes to shrink and prices to rise. High interest rates and mangled supply chains have also contributed to increased home prices. Heinrich's legislation will address the lack of housing inventory for individuals and families whose incomes are up to 120 percent of the area median income (AMI), particularly including in areas where middle-income families have historically been priced out. In Albuquerque, Santa Fe, and Las Cruces, New Mexico, for example, this added housing inventory would benefit families with annual incomes of up to $103,680, $109,800, and $78,960, respectively.

Additionally, Heinrich secured $1,100,000 through the Fiscal Year 2024 Appropriations process for Santa Fe Habitat for Humanity to develop land into a mixed-income development focused on building 25 to 30 housing units for working families. In total, Heinrich has secured $14,500,000 in Congressionally Directed Spending (CDS) for northern New Mexico to address the housing shortage.

For a list of Heinrich's actions to lower housing costs and tackle the housing shortage in New Mexico, click here.

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