A. Trust funds shall be awarded either on a competitive basis or based on need as determined by the authority. The authority's staff shall work with the committee to develop an application and applicant scoring mechanism or program guidelines that encourage applicants to develop solutions that are responsive to local needs and are consistent with sound housing policy.B. The authority's governing body shall be responsible for ensuring that on an overall basis the total funds awarded for housing activities attract at least three times as much funding from other sources. History: Laws 2005, ch. 105, § 6; 2021, ch. 24, § 4. ANNOTATIONSThe 2021 amendment, effective April 5, 2021, authorized trust funds to be awarded based on need as determined by the New Mexico mortgage finance authority, permitted the New Mexico mortgage finance authority to work with the New Mexico housing trust fund advisory committee to develop program guidelines; in Subsection A, after 'awarded', added 'either', after 'competitive basis', added 'or based on need as determined by the authority, and after 'scoring mechanism', added 'or program guidelines'; and in Subsection B, after 'ensuring that on an', deleted er 'competitive basis', added 'or based on need as determined by the authority, and after 'scoring mechanism', added 'or program guidelines'; and in Subsection B, after 'ensuring that on an', deleted 'annual' and added 'overall'.
New Mexico Legal Code