U.S. Rep. Teresa Leger Fernández
STATE News:
SANTA FE –– U.S. Rep. Teresa Leger Fernández (D-NM) has announced she is endorsing Santa Fe’s proposal for a high-end excise tax to provide a reliable mechanism to fund the city’s Affordable Housing Trust Fund.
The upcoming ballot measure, recently approved by the City Council, gives Santa Fe voters the opportunity to create a permanent revenue stream to address the city’s housing needs, from building more affordable housing to providing mortgage and rental assistance, to increasing programs to assist Santa Feans who need it to access shelter and transitional housing.
“Healthy, vibrant communities are ones that allow families to raise their children, where those children get to pursue their own careers and get a home of their own where they grew up. Where you can get a home of your own in your own hometown. However, with median home prices in Santa Fe soaring to new heights, affordable housing is out of reach for too many individuals and families,” Rep. Leger Fernández said. “I’ve prioritized housing funding while in Congress, but the solution to our housing crisis requires collaborations with every level of government and the private sector to make sure Santa Fe remains a city that welcomes everyone. That’s why I encourage Santa Feans to vote in favor of this critical ballot measure. Let’s work together to build that healthy and vibrant community for generations to come.”
The proposed ballot measure before Santa Fe voters this November would introduce a one-time, 3% excise tax on new home sales exceeding $1 million, but only on the value over the $1 million threshold. For example, the sale of a $1.5 million home would pay 3% of $500,000. The tax would not impact the vast majority of homebuyers. By exempting the first million in property value for purchasers, only households with the financial means to purchase multi-million-dollar homes would pay the tax.
If passed, an estimated $6 million in new funding each year will be generated, establishing a steady revenue stream for the Affordable Housing Trust Fund to address the housing needs of hundreds of Santa Fe residents.
Learn more about the Santa Fe Affordable Housing Trust Fund here.