N.M. Admin. Code § 4.10.2.8

Current through Register Vol. 35, No. 21, November 5, 2024

Section 4.10.2.8 - HPL CONTRIBUTIONS TO THE LOAN POOL AND THE LOAN POOL

A. HPL funds are contained in the historic preservation loan fund. Funding of restoration, rehabilitation, repair and preservation of a registered cultural property is accomplished by the division contributing an amount of HPL funds into the loan pool.

B. For each approved project, the division and the lending institution shall establish a schedule for disbursement of loan funds to the borrower. The schedule shall be included in the loan participation agreement as provided for in 4.10.2.13 NMAC of these regulations, and indicate the stages of work progress and the anticipated dates of disbursements and amount of HPL contributions to be directed toward each stage of work progress. The period during which all disbursements of the HPL contributions for a project shall not exceed a period of twelve months from the date the first disbursement of loan funds was made to the borrower or a period otherwise agreed to by the parties in the loan participation agreement. In either event, such period shall not exceed two years from the date of project loan approval by the division. The disbursement schedule for the HPL funds from the loan pool shall be based upon the planned restoration, rehabilitation, repair and authorized use of HPL funds.

C. Prior to the date of a scheduled disbursement of HPL Funds, the lending institution shall notify the division that a deposit of a specified amount of HPL funds into the loan pool is necessary. The division shall make an appropriate request to the New Mexico state treasurer's office to effect the deposit of the specified amount of HPL funds into the loan pool for disbursement to the borrower by the lending institution. An HPL contribution that is not disbursed to the borrower as provided in Subsection B of 4.10.2.8 NMAC herein shall be returned by the lending institution to the division.

D. The division shall only deposit HPL funds into the loan pool to pay the costs of completed rehabilitation, restoration, or repair work, or for reimbursement of payment of approved materials delivered to the project site, including eligible costs approved by the division.

E. In addition to HPL funds, the funds in the loan pool may include other funds from other sources that are available for loans or loan subsidies made pursuant to the Historic Preservation Loan Act.

F. HPL funds contributed into and disbursed from the loan pool shall be used in accordance with these regulations.

G. Non-HPL contributions in the loan pool may be available for costs of land acquisition, purchase, or other costs for which HPL funds cannot be used.

H. Use of non-HPL contributions in the loan pool shall be governed by any applicable restrictions, requirements, terms or conditions of the lending institution or other funding entity.

N.M. Admin. Code § 4.10.2.8

7/16/97; 4.10.2.8 NMAC - Rn, 4 NMAC 10.2.8, 1/1/08