House passes PID bill

A bill aimed at protecting homeowners from a future Mariposa style financial hit passed the house unanimously today, said Rep. Jason Harper, R-Rio Rancho.

Harper, one of the sponsors, said it is now headed to the senate.

The bill ensures property owners who buy in developments where developers use Public Improvement District financing to pay for infrastructure can’t be subjected to unlimited tax increases.

The PID mechanism allows developers to use bonds backed by property taxes to pay for infrastructure.

Property owners at Mariposa in Rio Rancho were faced with huge tax increases when developer High Desert Investment Corp pulled out last summer leaving $16 million in PID bond debt.