A proposal to give every child born in New Mexico a financial boost at birth is one step closer to a full vote in the state House.
House Bill 7 passed out of the House Appropriations and Finance Committee yesterday by a 9-to-5 vote.
The measure, called the Children’s Future Act, would create a trust fund to provide so-called “baby bonds” for newborns starting in 2025.
Each child would receive a state-funded account at birth.
The money would be invested over time and become accessible when the individual turns 18 and graduates high school.
At that point, the funds could be used for higher education, buying a home, starting a business, or other approved investments aimed at building long-term wealth.
Supporters say the bill is designed to help reduce generational poverty and give young adults a financial head start, especially those from low-income families.
The measure is backed by Democratic lawmakers, including Rep. Linda Serrato of Santa Fe and House Speaker Javier Martínez of Albuquerque.
If approved, New Mexico would become one of just a handful of states experimenting with baby bond programs as a tool for economic equity.
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State lawmakers also made some progress Tuesday with several proposals aimed at tackling New Mexico’s housing crisis.
The House of Representatives passed three separate bills focused on making housing more accessible and reducing homelessness.
One of them, House Bill 253, would change how eviction records are handled.
Under current law, even dismissed or withdrawn eviction cases remain on a tenant’s public record.
Supporters say that can unfairly block people from renting in the future.
The bill would seal certain eviction filings—particularly those that never made it to court or didn’t result in an eviction—and would automatically seal all records after three years.
House Bill 453 targets the challenges renters with poor credit often face.
It would create a new program under the state’s Mortgage Finance Authority to help educate tenants on budgeting and credit, while offering landlords financial protection if new renters fall short on rent or cause property damage within their first year.
And in a broader move, House Bill 448, would create a state-level office dedicated to coordinating housing policy.
The new Office of Housing Planning and Production would work with local governments and private partners to streamline efforts to increase housing supply and expand services for unhoused people.
That bill passed with bipartisan support, 49 to 17.
The three bills now head to the Senate.
