New Mexico HB314: ZERO-INTEREST LOANS FOR FLOOD DAMAGE

What the bill says

An act relating to public finance; requiring the local government division of the department of finance and administration to provide zero-interest loans to political subdivisions of the state for projects to replace or repair public infrastructure damaged by flooding or debris flows or projects to remove debris accumulations attributable to the storm event on october 19, 2024; requiring approval for federal assistance funding; requiring reimbursement contracts; making an appropriation.

From the introduced text, February 4, 2026:

AN ACT RELATING TO PUBLIC FINANCE; REQUIRING THE LOCAL GOVERNMENT DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO PROVIDE ZERO-INTEREST LOANS TO POLITICAL SUBDIVISIONS OF THE STATE FOR PROJECTS TO REPLACE OR REPAIR PUBLIC INFRASTRUCTURE DAMAGED BY FLOODING OR DEBRIS FLOWS OR PROJECTS TO REMOVE DEBRIS ACCUMULATIONS ATTRIBUTABLE TO THE STORM EVENT ON OCTOBER 19, 2024; REQUIRING APPROVAL FOR FEDERAL ASSISTANCE FUNDING; REQUIRING REIMBURSEMENT CONTRACTS; MAKING AN APPROPRIATION. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. TEMPORARY PROVISION--LOANS TO POLITICAL SUBDIVISIONS--REPLACEMENT OR REPAIR OF PUBLIC INFRASTRUCTURE DAMAGED BY FLOODING OR DEBRIS FLOWS--REQUIREMENT FOR PUBLIC ASSISTANCE FUNDING.-- A. The local government division of the department .233280.2 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ of finance and administration, in consultation with the homeland security and emergency management department, shall provide zero-interest reimbursable loans to political subdivisions of the state that have been approved for federal public assistance funding for projects to replace or repair public infrastructure damaged by flooding or debris flows or to remove debris accumulations attributable to the storm event in Chaves county on October 19, 2024. The local government division shall require a contract for reimbursement from a political subdivision of the state receiving a loan pursuant to this section. The contract shall specify: (1) that the political subdivision shall pay …

Read the full official text

Sponsors

• Mark B. Murphy (R, HD-059) · primary sponsor
• Angelita Mejia (R, HD-058)
• Jonathan A. Henry (R, HD-054)
• Jimmy G. Mason (R, HD-066)
• Andrea Reeb (R, HD-064)

Latest actions

1. February 9, 2026: HGEIC: Reported by committee with Do Pass recommendation
2. February 4, 2026: Sent to HGEIC - Referrals: HGEIC/HAFC
3. : Action Postponed Indefinitely

Common questions

What is HB314?

HB314 is a bill in the New Mexico Legislature (2026 Regular Session): ZERO-INTEREST LOANS FOR FLOOD DAMAGE.

What does HB314 do?

In its own words: An act relating to public finance; requiring the local government division of the department of finance and administration to provide zero-interest loans to political subdivisions of the state for projects to replace or repair public infrastructure damaged by flooding or debris flows or projects to remove debris accumulations attributable to the storm event on october 19, 2024; requiring approval for federal assistance funding; requiring reimbursement contracts; making an appropriation.

What is the status of HB314?

In committee as of February 9, 2026. Latest action: HGEIC: Reported by committee with Do Pass recommendation (February 9, 2026).

Who sponsored HB314?

Mark B. Murphy (R, HD-059), with 4 co-sponsors.

Where is the official record for HB314?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=314&year=26