(A) Whereas:
(1) This article is established pursuant to the Mortgage Finance Authority Act, NMSA 1978 §§ 58-18-1 et seq. (MFA Act) and the Affordable Housing Act, NMSA 1978, §§ 6-27-1 et seq.; and
(2) This article is adopted to implement the city's affordable housing programs in accordance with the New Mexico Constitution, Article IX § 14, the Affordable Housing Act, NMSA 1978, §§ 6-27-1 et seq. and the Act Rules Sections 1 and 2; and
(3) The city is subject to the New Mexico Affordable Housing Act which identifies specific requirements to ensure governmental entities donate resources to qualifying grantees and to ensure long-term housing affordability; and
(4) The city has developed an Affordable Housing Plan (AHP) to comply with the Act Rules; and
(5) The Mortgage Finance Authority (MFA), the entity charged by the State of New Mexico with ensuring compliance with the Act, has determined the city's current Affordable Housing General Oversight Ordinance (Ordinance) is deficient of needed components; and
(6) Staff, in conjunction with the MFA, has developed and updated the Ordinance for incorporation.
(B) The Affordable Housing Act, NMSA 1978 §§ 6-27-1 et seq. (the "Act") implements the provisions of Subsections E and F of §14 of Article 9 of the New Mexico Constitution; and
(C) The New Mexico Mortgage Finance Authority ("MFA") has reviewed and approved of the form and terms of this article prior to final adoption hereof.