Chapter 6, Chapter 6

As used in the Tribal Infrastructure Act: A. "board" means the tribal infrastructure board; B. "department" means the Indian affairs department; C. "financial assistance" means providing grants or loans on terms and conditions approved by the board; D. "governor" means the govern…

A. The "tribal infrastructure board" is created and is administratively attached to the department. B. The board shall consist of nine voting members and four non-voting members. C. The voting ex-officio members are: (1) the secretary of Indian affairs, or the secretary's designe…

The board shall: A. adopt rules governing terms, conditions and priorities for providing financial assistance to tribes, including developing application and evaluation procedures and forms and qualifications for applicants and for projects; B. provide financial assistance to tri…

distribution. A. The "tribal infrastructure trust fund" is created in the state treasury. The trust fund shall consist of money that is appropriated, donated or otherwise accrues to it. Money in the trust fund shall be invested by the state investment officer in the manner that l…

appropriations. A. The "tribal infrastructure project fund" is created in the state treasury and: (1) the department of finance and administration shall administer the project fund; (2) the project fund shall consist of: (a) distributions made to it from the trust fund; (b) payme…

A. Rules proposed by the board and the department of finance and administration pursuant to the Tribal Infrastructure Act shall be reviewed by the legislative interim Indian affairs committee prior to approval. B. The legislative interim Indian affairs committee shall be briefed …

A. The unexpended balances of a capital outlay appropriation made after January 1, 2007 from the general fund to the department or to the aging and long-term services department for projects located on lands of an Indian nation, tribe or pueblo shall revert to the project fund. B…

Sections 1 through 8 [6-30-1 to 6-30-8 NMSA 1978] of this act may be cited as the "Colonias Infrastructure Act". History: Laws 2010, ch. 10, § 1.

A. The legislature finds that: (1) colonias lack basic infrastructure resulting in poor social, health and economic conditions; (2) adequate infrastructure such as water and wastewater systems, solid waste disposal facilities, flood and drainage control, roads and housing infrast…

As used in the Colonias Infrastructure Act: A. "authority" means the New Mexico finance authority; B. "board" means the colonias infrastructure board; C. "colonia" means a rural community with a population of twenty-five thousand or less located within one hundred fifty miles of …

A. The "colonias infrastructure board" is created. B. The board shall consist of seven voting members as follows: (1) the secretary of finance and administration or the secretary's designee from the department of finance and administration; (2) the secretary of environment or the…

The board shall: A. promulgate such rules as are necessary to govern the acceptance, evaluation and prioritization of applications submitted by qualified entities for financial assistance; B. after applications have been processed and evaluated by the authority, prioritize the qu…

The authority shall: A. provide staff support to the board; B. administer the project fund; C. at the direction of the board, process, review and evaluate applications for financial assistance from qualified entities; and D. at the direction of the board, administer qualified pro…

distribution. A. The "colonias infrastructure trust fund" is created in the state treasury. The trust fund shall consist of money that is appropriated, donated or otherwise allocated to it. Money in the trust fund shall be invested by the state investment officer in the manner th…

appropriations. A. The "colonias infrastructure project fund" is created in the authority and shall be administered by the authority. B. The project fund shall consist of: (1) distributions from the trust fund; (2) payments of principal and interest on loans for qualified project…

Sections 1 through 6 [6-31-1 to 6-31-6 NMSA 1978] of this act may be cited as the "Economic Development Grant Act". History: Laws 2014, ch. 58, § 1.

The purpose of the Economic Development Grant Act is to provide matching state grants to local and regional economic development agencies to expand the economic development and job-creation capacities of those agencies through employment of economic development professionals. His…

As used in the Economic Development Grant Act: A. "commission" means the economic development commission; and B. "department" means the economic development department. History: Laws 2014, ch. 58, § 3.

A. The "economic development grant program" is created in the department. The commission shall oversee the program, and the department shall provide administrative assistance to the commission as needed. B. The commission shall: (1) establish and publish deadlines and guidelines …

A. A local or regional economic development agency may submit an application to the commission for an economic development grant. An applying agency shall comply with deadlines and guidelines published by the commission. A grant application shall include a statement of: (1) the a…

The "economic development grant fund" is created in the state treasury. The fund consists of appropriations, gifts, grants and donations to the fund and income from investment of the fund. Money in the fund shall not revert to any other fund at the end of a fiscal year. The depar…

Sections 5 through 11 [6-31A-1 to 6-31A-7 NMSA 1978] of this act may be cited as the "Research, Development and Deployment Fund Act". History: Laws 2025, ch. 133, § 5.

As used in the Research, Development and Deployment Fund Act: A. "applicant" means a person or entity applying for project funding; B. "applicant match" means money for a project provided by an applicant or a partnering entity that is not a political subdivision of the state; C. …

A. The "research, development and deployment fund" is created as a nonreverting fund in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund. The department shall administer the fund. Money in the …

A. The division shall administer the provisions of the Research, Development and Deployment Fund Act to provide project funding to applicants that meet all eligibility requirements. The division shall: (1) establish a streamlined application process pursuant to the requirements o…

A. To be eligible for project funding: (1) an applicant shall be a public entity or a business registered in New Mexico; (2) an applicant's project shall be reasonably expected to do two or more of the following in New Mexico: (a) advance innovation in at least one of the target …

A. Priority shall be given to projects that: (1) create high-quality, high-wage jobs in New Mexico; (2) when applicable, have higher percentages of matching funds from non- public entities; (3) demonstrate strong potential for commercialization in a target sector; (4) support the…

On or before December 1 of 2025 and of every year thereafter, the department shall provide a report to the governor, the legislative finance committee and the appropriate interim committees that study economic development regarding the administration, efficacy and performance of …

Chapter 6, Article 32 NMSA 1978 may be cited as the "Small Business Recovery and Stimulus Act". History: Laws 2020 (1st S.S.), ch. 6, § 1; 2021, ch. 5, § 1.

As used in the Small Business Recovery and Stimulus Act: A. "authority" means the New Mexico finance authority; B. "New Mexico resident" means an individual who is domiciled in this state during any part of the year or an individual who is physically present in this state for one…

schedule. A. The "small business recovery loan fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers and donations to the fund. Money in the fund is appropriated to the authority to administer the provisions of the Small Busine…

A. The authority shall receive and review applications for small business recovery loans pursuant to the Small Business Recovery and Stimulus Act. The authority may designate one or more application periods and shall review small business recovery loan applications received in ea…

A. Small business recovery loans shall be made for loan periods not to exceed ten years, as determined by the authority. The loans shall bear an annual interest rate equal to one-half of the Wall Street Journal prime rate on the date the loan is made; provided that no interest sh…

A. Prior to October 1, 2021 and each October 1 for the proceeding four years, the authority shall submit a report to the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and an…

Chapter 6, Article 33 NMSA 1978 may be cited as the "Venture Capital Program Act". History: Laws 2022, ch. 21, § 1; 2023, ch. 127, § 1.

As used in the Venture Capital Program Act: A. "authority" means the New Mexico finance authority; B. "New Mexico business" means, in the case of a corporation or limited liability company, a business with its principal office and a majority of its full-time employees located in …

A. The "venture capital program fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers, donations and money earned from investment of the fund and otherwise accruing to the fund. The authority shall administer the fund. Money in…

A. In making investments pursuant to the Venture Capital Program Act, the authority shall make: (1) investments in venture private equity funds; or (2) early stage investments in New Mexico businesses whose investments or enterprises enhance the economic development objectives of…

The authority shall annually prepare a budget for administering and investing all funds managed by the venture capital program, which shall be reviewed and approved by the board of directors of the authority. Funds provided for the operating budget of the venture capital program …

In the event of default in the payment of principal of or interest on an investment made, the authority is authorized to institute proper proceedings to collect matured interest and principal; the authority may, after consultation with the board of directors of the authority, acc…

No later than July 1 of each year, the authority shall submit a report to the legislative finance committee, the revenue stabilization and tax policy committee and any other appropriate interim legislative committee. The report shall provide for the prior calendar year the amount…

Information obtained by the authority in order to make investments from the venture capital program fund, which information is proprietary, technical, trade secret or business information, shall be confidential and not subject to inspection pursuant to the Inspection of Public Re…

Chapter 6, Article 34 NMSA 1978 may be cited as the "Opportunity Enterprise and Housing Development Act". History: Laws 2022, ch. 57, § 1; 2024, ch. 8, § 1.

A. The authority shall receive and review applications for opportunity enterprise leases. If the authority determines that an opportunity enterprise partner is eligible for an opportunity enterprise lease, the authority may enter into a contract to lease an available property to …

A. The authority shall receive and review applications for opportunity enterprise loans. The authority may make loans to opportunity enterprise partners if: (1) funding is available; (2) the opportunity enterprise partner meets credit and identification criteria, as determined by…

uses. A. The "opportunity enterprise revolving fund" is created within the authority. The fund consists of appropriations, distributions, transfers, gifts, grants, donations, bequests, fees collected, payments of principal and interest on opportunity enterprise loans, income from…

revolving fund; transfer. A. If, on June 30, 2028 and by June 30 of each fiscal year thereafter, the balance in the opportunity enterprise revolving fund for that fiscal year exceeds the annual average amount by an amount greater than six percent, the amount in excess of six perc…

A. An application for housing development assistance shall: (1) describe the scope and plans of the housing development project; (2) demonstrate that the housing development project will create or expand housing within the state; (3) demonstrate that the proposed housing developm…

A. The authority shall receive and review applications for housing development loans. The authority may make loans to housing development partners if: (1) funding is available; (2) the housing development partner meets credit and identification criteria, as determined by the auth…

A. The "housing development revolving fund" is created within the authority. The fund consists of appropriations, distributions, transfers, gifts, grants, donations, bequests, fees collected, payments of principal and interest on housing development assistance, income from invest…