Chapter 6 — Chapter 6

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…

History: Laws 2020 (1st S.S.), ch. 6, § 6; repealed by Laws 2021, ch. 5, § 9.

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…

A. On December 1, 2024 and each succeeding December 1 thereafter, the authority shall submit a report to the governor, the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and …

A. If a member of the board or an employee of the authority has an interest, either direct or indirect, in an application or contract relating to enterprise assistance or housing development assistance, that interest shall be disclosed to the authority and the board in writing. T…

As used in the Opportunity Enterprise and Housing Development Act: A. "affordable housing infrastructure project" means infrastructure projects needed to support housing for low- or moderate-income residents; B. "authority" means the New Mexico finance authority; C. "board" means…

To create or expand economic development opportunities and housing within the state, the authority may: A. acquire, whether by construction, purchase, gift or lease, and hold title to or other interest in an enterprise development project or housing development project; B. provid…

A. For the purpose of recommending enterprise development projects to the board for enterprise assistance, the department and the board shall coordinate to: (1) survey potential opportunity enterprise partners and enterprise development projects; (2) provide outreach services to …

board; created; membership. A. The "opportunity enterprise and housing development review board" is created. The authority shall provide necessary administrative services to the board. B. The board is composed of the following fourteen members: (1) the secretary of economic devel…

board; powers. A. The board shall: (1) meet quarterly and at the call of the chair; (2) receive a list of executed contracts for enterprise assistance and housing development assistance; (3) recommend to the authority application forms and procedures for the prioritization of ent…

The board shall adopt rules necessary to carry out the provisions of the Opportunity Enterprise and Housing Development Act to: A. establish procedures for applying and qualifying for enterprise assistance and housing development assistance; B. establish economic development goal…

A. An application for enterprise assistance shall: (1) describe the scope and plans of the enterprise development project or proposed use of leased property by the applicant; (2) demonstrate that the enterprise development project or lease will create or expand economic developme…

A. The authority shall receive and review applications for opportunity enterprise financing. If the authority determines that an enterprise development project is eligible for financing, the authority may enter into a contract with the opportunity enterprise partner to provide fi…

Chapter 6, Article 35 NMSA 1978 may be cited as the "State Fairgrounds District Act". History: Laws 2025, ch. 83, § 1; 2026, ch. 33, § 1.

The district shall prepare a district development plan that shall include: A. a map depicting the geographical boundaries of the area proposed for inclusion within the district development area; B. the estimated time necessary to complete the district projects; C. a description a…

The bonds authorized by the State Fairgrounds District Act and the income from the bonds or any other instrument executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2025, ch. 83, § 11.

By September 1 of each year, beginning in 2025, the board shall report to the state board of finance and the legislative finance committee on the implementation of the State Fairgrounds District Act and expenditures to date, bonds issued, debt service reserve funds held, progress…

As used in the State Fairgrounds District Act: A. "board" means the state fairgrounds district board; B. "community benefit" includes affordable housing, job creation, open space and health services; C. "district" means the state fairgrounds district; D. "person" means an associa…

A. The "state fairgrounds district" is created as a political subdivision of the state, separate and apart from a municipality. The district consists of land owned by the state, commonly known as the "state fairgrounds", lying within the exterior boundaries of the city of Albuque…

A. The district shall for six years be initially governed by a seven-member board composed of: (1) the governor or the governor's designee; (2) the state senator representing the senate district inclusive of the district or the senator's designee; (3) the member of the house of r…

The district may establish a property tax levy upon real property located within the boundaries of the district, with the following limitations: A. the maximum property tax levy the district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable v…

A. A property tax levy imposed by the district may be rescinded within the four-year period during which a property tax levy imposed by the district is effective if: (1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of th…

A. Subject to the provisions of Section 9 of the State Fairgrounds District Act, the district may issue revenue bonds not to exceed five hundred million dollars ($500,000,000) in net proceeds for the purposes of the State Fairgrounds District Act. The district may pledge irrevoca…