What HB111 Means for Your Property
Industry News | Investment
by Sarah Raboff
If you have not been informed, the federal COVID-19 eviction moratorium, which prevents the eviction of tenants who are unable to make rental payments, was extended from March 31st through June.
In the local legislation session that began Tuesday, January 19th, HB 111, the “Housing Discrimination” Bill, which aimed at expanding deadlines for eviction and misconduct, did not pass. By the time it had worked through committees, all the possible changes to the Uniform Resident Relations Act were removed. The Apartment Association of NM led the efforts here.
Once the COVID-19 eviction moratorium ends in June, we expect the eviction process to continue as relatively landlord-favored in Albuquerque.
HB 291 was aimed to “Increase the Low-Income Comprehensive Tax Rebate, Increase the Working Families Tax Credit, expand eligibility to residents who were previously ineligible by limiting capital gains deductions, adding new tax brackets, and increasing property taxes on non-owner-occupied properties.” The Bill did pass; however, the investment property tax increase component was removed.
Please do not hesitate to contact Jim Wible or Sarah Raboff for more information on how your portfolio is performing relative to the market. We are seeing excellent activity in the multifamily sector.
Sarah Raboff is an NAI SunVista commercial real estate specialist who has a strong interest in multifamily property class, as a firm long-term investment driven by supply-demand fundamentals. Sarah is dedicated to her clients’ success and building lasting relationships with clients and colleagues.