New Mexico
Lengthy to-do list before NMFA begins approving $125 million in new housing loans • Source New Mexico
The head of the state’s finance authority tasked with doling out a windfall of housing loans said the authority is on track to OK loans in the fall — so long as what she called the “timeline gods” are merciful.
In the legislative session that wrapped up in February, lawmakers approved $125 million for the New Mexico Finance Authority to spend on workforce housing development and affordable housing infrastructure. Workforce housing is generally aimed at those who exceed income thresholds that would qualify them for subsidies.
It’s a big windfall for the relatively new Opportunity Enterprise Revolving Fund created in 2023 for commercial development and then amended legislatively to include housing. Under the new law this year, the fund will be used to address the statewide housing crisis. The state lacks at least 32,000 affordable housing units, according to a recent study.
Citing the pressing need, Gov. Michelle Lujan Grisham, when she signed the legislation in late February, challenged the authority to approve loans by the fall.
Marquita Russel, CEO of the authority, told Source New Mexico on Friday that the authority has much to do before it can get that money out the door, and staff will be “threading the needle” to get it done by then.
House Bill 195, which goes into effect May 15, requires the authority to add new board members with expertise in housing and also create new rules governing the loan program. State rulemaking requires 45-day public comment periods, and the new board won’t be able to approve the initiation of draft rules until they convene after the law goes into effect.
The rules will be subject to multiple hearings, and the board will have to incorporate public comments once they are submitted, Russel said.
“It’s a lengthy process,” she said. “It requires a lot of transparency and public hearing, and then notices, so it can’t happen quickly.”
NM housing agency predicts increase in foreclosures on home loans it oversees
But when the application process opens, she hopes by late summer, private developers will have access to low interest loans to help build roads, sewers and other infrastructure to affordable housing projects or to build new housing for people, like many police officers and teachers, who can’t afford to live in the communities where they work.
The fund as it exists now provides commercial loans at 60% of the Wall Street Journal prime interest rate on the day it is issued. That rate Friday was 8.5%.
Russel said she’s not sure whether the funds will go primarily for affordable housing infrastructure or workforce housing, or whether it will go to nonprofits or private developers. But she added that she believes there is a high demand for workforce housing and few places for developers to go for financing.
Lawmakers this session also approved $50 million for the Mortgage Finance Authority’s Housing Trust Fund, which is geared for affordable housing programs and development.
Taken together, the $175 million — plus $20 million to address homelessness and other individual housing projects — is the biggest housing investment in the Legislature’s history, aimed to boost new development of low- and middle-income housing.
Another bill passed this session, Senate Bill 216, adds nonprofit housing developers to a list of possible recipients of low interest loans for the NMFA’s Public Project Revolving Fund. That fund was established in 1992 for local government projects, but amended to let nonprofit housing agencies apply.
However, Russel said no nonprofits who apply will be authorized to receive that money until the next legislative session, when lawmakers sign an annual bill approving recipients.
But Russel said she hopes that fund, when it’s finally available, will end up becoming the go-to source of capital for housing nonprofits, leaving the $125 million fund for for-profit developers, “because there isn’t another place for those,” she said.
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New Mexico
14 indicted in alleged Permian Basin crude‑oil theft scheme spanning New Mexico and Texas, prosecutors say
A federal grand jury in Lubbock has indicted 14 people accused of stealing crude oil in eastern New Mexico and hauling it into Texas to resell at cut‑rate prices.
Prosecutors say the scheme targeted the Permian Basin’s vast production network, the oil‑rich region spanning southeastern New Mexico and West Texas that covers more than 86,000 square miles and accounts for the majority of U.S. crude oil production.
All 14 defendants are charged with conspiracy to transport stolen property across state lines, and several also face counts of interstate transportation and receipt, possession, or sale of stolen property, according to the U.S. Attorney’s Office for the Northern District of Texas.
Indictment outlines alleged operation
Returned April 8, the indictment alleges the group stole crude oil in eastern New Mexico, some stored on U.S. government-leased land, and resold it to co‑conspirators at prices below the standard U.S. market benchmark.
Prosecutors say the conspirators transported the stolen oil into Texas for resale at a profit, knowing it was stolen.
Texas, New Mexico defendants identified by prosecutors
Texas defendants are James Darrell Reid, 65, and Randell Wayne Reid, 41, owners of Texas-based Reidco Enterprises and both of Electra – about 25 miles northwest of Wichita Falls and 115 miles from Fort Worth – along with Christopher Frederick Harris, 22, of Seminole, about 80 miles west of Midland.
The remaining 11 defendants are from Lovington, a southeastern New Mexico community of about 11,690 people, roughly 20 miles west of the Texas state line and squarely inside the Permian Basin.
They include:
- Louis George Edgett, 68;
- Brenden Floyd Strickland, 25;
- Sixto Herrera-Estebane, 43;
- Gyardo Gonzalez, 47;
- Jesus Martin Hernandez-Borja, 51;
- Diana Marquez Rojo, 45;
- Jose Luis Rojo, 49;
- Jose Mario Rivas-Mendoza, 37;
- Miguel A. Soto, 41;
- Tavares Montrail Cole, 48; and
- Danny Dale Brown Jr., 42.
Potential penalties outlined by DOJ
According to prosecutors, the defendants face up to five years in prison for conspiracy and up to 10 years per count for interstate transportation, possession, or sale of stolen property.
The investigation was conducted by the Bureau of Land Management, the FBI, the Texas Department of Public Safety’s Criminal Investigation Division, and sheriff’s offices in Lea and Eddy counties in New Mexico.
CBS News Texas will provide updates as additional information becomes available.
New Mexico
Governor establishes Energy Affordability and Grid Reliability Council – 13-member council designed to protect ratepayers, modernize the grid – Office of the Governor – Michelle Lujan Grisham
SANTA FE — Governor Michelle Lujan Grisham today signed an executive order establishing the New Mexico Energy Affordability and Grid Reliability Council to address the rising cost of electricity in a rapidly changing energy landscape.
The Council will convene state agency leaders, utility executives and experts in rural cooperative utilities, tribal energy, consumer advocacy, and energy policy and infrastructure to develop strategies for keeping energy affordable while ensuring the grid can meet the demands of a growing, modernizing New Mexico economy.
“At a time of dramatically rising energy prices, it’s imperative that we do everything we can to protect New Mexico ratepayers while ensuring abundant clean energy supply,” said Governor Lujan Grisham. “The experts I’ve appointed to the New Mexico Energy Affordability and Grid Reliability Council are well-positioned to make smart, insightful recommendations and I look forward to their findings.”
The Council will evaluate and recommend strategies across four interconnected areas:
- Ratepayer protection: Ensuring that large-load growth — including data centers and onshore manufacturing — does not disproportionately increase costs for residential, rural, tribal and small business customers.
- Grid modernization and reliability: Recommending rate designs and financing strategies that enable prudent infrastructure investment while minimizing long-term rate escalation.
- Clean energy progress: Advancing New Mexico’s net-zero goals under the Energy Transition Act by expanding zero-carbon generation and storage while maintaining affordable access.
- Permitting efficiency: Identifying opportunities to streamline and coordinate state and local permitting for electricity infrastructure — accelerating deployment of clean energy projects without compromising environmental review, tribal consultation, or regulatory safeguards.
The Council will deliver a final report — including legislative, regulatory and administrative recommendations — to the Governor and the Legislature by November 1, 2026.
The Council consists of 13 members representing state government, utilities, rural cooperatives, tribal communities and independent experts:
- Erin Taylor, acting secretary, Energy, Minerals and Natural Resources Department
- Rob Black, secretary, Economic Development Department
- Cholla Khoury, chief of staff, Public Regulation Commission
- Lynn Mostoller, executive director, Renewable Energy Transmission Authority
- Sunalei Stewart, deputy commissioner for operations, State Land Office
- Don Tarry, president and CEO, TXNM Energy (PNM)
- Kelly A. Tomblin, president and CEO, El Paso Electric
- Zoe Lees, regional vice president, regulatory policy, Xcel Energy
- Vince Martinez, CEO, New Mexico Rural Electric Cooperative Association
- Javier Bucobo, vice president of markets and regulatory affairs, Avangrid (grid infrastructure expert)
- Joseph Yar, attorney, Velarde & Yar (consumer/ratepayer advocate)
- Sandra Begay Keeto, retired, Sandia National Laboratories; member, Navajo Nation (tribal energy expert)
- Rep. Meredith Dixon, New Mexico House of Representatives, District 20 (energy policy expert)
The Council is administratively attached to the Department of Finance and Administration. Members will serve without compensation, other than per diem and mileage as permitted by law.
The executive order can be viewed here.
New Mexico
Duke Rodriguez challenges state’s universal child care in lawsuit
ALBUQUERQUE, N.M. – Republican candidate for governor Duke Rodriguez is suing Governor Michelle Lujan Grisham over her executive order that started universal free child care before a new law takes effect.
The governor enacted the program through executive order in November.
Lawmakers passed a universal child care law during the past session, but that law does not take effect until May 20.
Rodriguez says he objects to some of the rules and to how the governor started the program. The suit asks the Second Judicial District Court to prohibit further enforcement of any regulations tied to the program.
“You could understand an outgoing governor trying to do it for political capital, for expediency just to say, I’m first in the nation.” Rodriguez said.
Rodriguez says he is confident he will win and that the rules he is challenging will be struck down.
“We also now have what we call pre emptive eligibility, which means you don’t even have to prove you’re eligible and you’re covered the moment you walk in,” Rodriguez said. “All of those things individually and collectively that have been proposed and changed probably invite fraud, waste and abuse and you know it.”
The governor’s office responds
The governor’s office sent a statement saying the program was properly implemented and that the governor is confident the lawsuit will be rejected.
A spokesperson for the governor sent KOB 4 the following statement:
“This lawsuit makes clear that Mr. Rodriguez has a fundamental misunderstanding how state government works. He states that ECECD did not have the authority to undergo rulemaking regarding universal childcare. They do. He states that ECECD did not have the funding to implement the program when they did their rulemaking. They did. That is why the program was operational in December – before the 2026 Legislative session started. Perhaps more importantly, the lawsuit ignores that the legislature passed SB 241, which codified the program and its future funding into law. The governor is confident that the courts will reject his meritless claims.“
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