Legislators today introduced two bills aimed at protecting homeowners who live in communities where the developer has used the public improvement district process to finance infrastructure from having to foot the bill if development deals falter.
Rep. Jason Harper, R-Rio Rancho introduced House Bill 371, with co-sponsors Rep. Tim Lewis, R-Rio Rancho, Rep. Jane Powdrell-Culbert, R-Corrales, and Sen. Benny Shendo, who represents parts of Sandoval, Bernalillo, Rio Arriba, McKinley and San Juan counties.
Rep. Mimi StewartD-Albuquerque introduced House Bill 355.
The public improvement district process allows a developer to sell bonds backed by tax payments from homeowners to finance things like water systems and roads.
Residents of the Mariposa PID in northern Rio Rancho were faced with footing the bill for $16 million in bonds after developer High Desert Investment Corp. announced this summer that it was pulling out of the development and would no longer subsidize the bond payments.
Harper said, in a release, that he had been working on the bill with the Home Builders Association, Mariposa residents and the State Department of Finance Administration.