N.M. Admin. Code § 2.93.1.6

Current through Register Vol. 35, No. 17, September 10, 2024

Section 2.93.1.6 - OBJECTIVE

A. Section 6-34-3, NMSA 1978, provides that the authority may adopt separate rules to administer the opportunity enterprise revolving fund and the housing development revolving fund to originate enterprise assistance and housing development assistance for projects recommended by the board, govern the process through which applicants may apply for enterprise assistance and housing development assistance, and collect fees and costs related to providing financing.

B. Section 6-34-5, NMSA 1978 provides that the authority shall provide staff support for necessary administrative services of the board.

C. Section 6-34-6, NMSA 1978 provides that the authority shall upon the recommendation of the board, process, review and evaluate applications for enterprise assistance and housing development assistance received from applicants.

D. Section 6-34-7, NMSA 1978 provides that the opportunity enterprise and housing development review board is required to adopt rules necessary to carry out the provisions of the act and allowing the authority to establish procedures for applying and qualifying for enterprise assistance and housing development assistance, establishing economic development goals for the state in consultation with the department, governing the application procedures and requirements for enterprise assistance and housing development assistance, determining how to select and prioritize applications for enterprise assistance and housing development assistance to be funded by the authority, prioritizing projects that are in political subdivisions that are implementing zoning reforms that support housing development projects, and providing safeguards to protect public money and other public resources.

E. Sections 6-34-12 and 6-34-13.3, NMSA 1978 provide that the authority shall administer the opportunity enterprise revolving fund and the housing development revolving fund and recover from the funds the costs of administering the funds and originating enterprise and housing development assistance.

F. Subsection K of Section 6-21-5, NMSA 1978 provides that the authority may fix charges and collect fees and other charges in connection with the making of loans, leases and any other services rendered by the authority.

N.M. Admin. Code § 2.93.1.6

Adopted by New Mexico Register, Volume XXXIV, Issue 08, April 25, 2023, eff. 4/25/2023, Amended by New Mexico Register, Volume XXXV, Issue 14, July 30, 2024, eff. 7/30/2024