Attainable Housing Credit

via Residential Construction GRT Reduction

Resources on this page are to help unpack and explain our 2026 flagship piece of State Legislation, The Attainable Housing Tax Credit. While complex at first glance, this tool is actually a simple, direct, and impactful strategy for lowering housing costs and increasing production for housing in New Mexico.

Click image above for a presentation on our 2026 legislative initiative.

Video Overview

New Mexico Home Builders Association
Partnering for Housing Solutions 

The New Mexico Home Builders Association (NMHBA) represents thousands of builders, developers, and industry professionals across the state. Founded in 1959, our mission is to advocate for policies that promote safe, sustainable, and affordable housing opportunities for all New Mexicans. We are a driving force in the state's economy and a trusted resource for housing solutions.  

We Build New Mexico Together

  • New Mexico's housing industry supports over 50,000 jobs and contributes billions to the state's economy annually. (Every 100 homes built in NM supports over 600 good-paying NM jobs results in $8.7M in tax revenue to local and state governments.) 
  • Solutions that eliminate costs home buyers pay for off-site infrastructure improvements can lower an average priced home by 2.5% (approx. $10,000 on an average-price NM Home.) 
  • Reducing NM's unique and significant tax burden on attainable housing units could reduce the average priced home by +/- 3.0%. (approx. $10,000 on an average-price NM Homes.)  

The Challenge: Housing Attainability
New Mexico's families are struggling to find homes they can afford
 

  • New Mexicans PRICED-OUT. Less than 14% of residents are able to afford the mortgage on a median-priced home. 
  • Regulatory costs and Gross Receipts Tax (GRT) account for up to 30% of the price of a new home, making housing less accessible. An average-price new NM home ($441K) includes over $35K in GRT taxes (state and local), ~200% of the tax burden of surrounding states. 
  • New Mexico is short more than 32,000 housing units w the largest gaps in workforce housing. 
  • Urban areas like Albuquerque, Las Cruces, and Santa Fe face high land and construction costs, driving up prices and limiting supply. 
  • Rural communities face a different challenge: limited housing stock, aging infrastructure, and fewer developers, making it hard for families to find quality homes. 
  • Median home prices in New Mexico rose 40% since 2019, while wages have not kept pace. 
  • Nearly 1 in 3 renter households in NM are cost-burdened, spending +30% of their income on rent. 

Housing Affordability & Availability are national issues. New Mexico has unique advantages that position us well to address the challenge. NMHBA is ready to provide data, policy ideas, and community insights to help leaders craft meaningful, actionable housing solutions. We are your go-to resource on housing affordability.

Sources:

NAHB Housing Policy Dept Report: The Economic Impact of Home Building in New Mexico – 09/2025

NAHB Report: Comparing Costs to Revenue for Local Governments – 09/2025 

SAMPLE SETTLEMENT Statement: how the Attainable Housing Credit flows to home buyer – 10/2025

Homes are Where Jobs Go to Sleep at Night.

Download 09-2025 NAHB Reports on Positive Economic Impacts of Housing New Mexico.

CLICK IMAGE for Sample Settlement Statement:

this simple, verifiable legal document demonstrates how the Attainable Housing Credit benefits the home buyers.