N.M. Admin. Code § 8.9.9.10

Current through Register Vol. 36, No. 1, January 14, 2025

Section 8.9.9.10 - EVALUATION OF APPLICANT AND PROJECT

A. Evaluations and determinations by department.

(1) Once an application is complete, the department will evaluate the applicant and the proposed project for eligibility and make a determination as to eligibility.

(2) If the department determines that an applicant is eligible, the department will determine the programmatic priority for each application.

(3) Upon completion of its evaluation of eligibility and determination of programmatic priority, the department will refer the applications to the authority.

B. Financing approval by the authority.

(1) Staff at the authority will perform an independent analysis of the financial feasibility of each application for a loan. In evaluating an application, staff of the authority will consider:

(a) the ability of the eligible applicant to secure financing from other sources;

(b) the terms of any other sources of funding;

(c) the applicant's ability to repay the loan; and

(d) the applicant's ability and agreement to satisfy any other requirements for approval of the loan as the authority requires by its policy or otherwise.

(2) Restrictions on loans:

(a) No more than twenty percent of the fund may be loaned to a single provider in a single project.

(b) Loans from the fund are to be made at an interest rate greater than zero.

(c) Loans from the fund are to be made for a term that does not exceed the useful life of the project being financed.

C. Approval by the authority. Staff of the authority may recommend applications for approval to the board. The board may approve all or part of any application recommended or may disapprove the application and deny funding at its sole discretion.

N.M. Admin. Code § 8.9.9.10

Adopted by New Mexico Register, Volume XXXV, Issue 24, December 23, 2024, eff. 12/23/2024