N.M. Admin. Code § 20.7.2.204
Current through Register Vol. 35, No. 17, September 10, 2024
Section 20.7.2.204 - LOAN AND GRANT LIMITATIONSA. The base interest rate shall be an annual interest rate set by the secretary that is at or below market interest rate.B. No loan recipient eligible to receive a grant under the RIA shall receive a grant in any one year totaling more than $500,000.C. A zero percent interest loan, in any one year, may not exceed $500,000.D. The total of all loans in any one year for any single local authority may not exceed $2,000,000.E. The maximum assistance, including both loans and grants, which a local authority may receive in any one year under the RIA is $2,000,000.F. A loan under RIA shall be for a period of time not to exceed twenty years.G. The repayment of a loan shall be in annual, quarterly, or monthly installments as approved by the department beginning one year after completion of the project. The repayment of the interest on the loan accumulated during the design and construction of a project may be included in the final loan amount, but it shall not be counted in determining the maximum loan amount.H. Existing loans under the Rural Infrastructure Act may be refinanced when the annual interest rate set by the department is at least one percentage point less than the annual interest rate on the existing loan. The request for refinance of an existing loan must be submitted in writing to the department.N.M. Admin. Code § 20.7.2.204
20.7.2.204 NMAC - Rp, 20 NMAC 7.2.204, 10/31/2001; A, 10/29/2007