N.M. Admin. Code § 8.9.9.6

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

Section 8.9.9.6 - OBJECTIVE

A. The objective of 8.16.3 NMAC is to establish standards and procedures for administering loans under the Child Care Facility Loan Act. The Child Care Facility Loan Act directs the Early Childhood Education and Care Department (the Department) in conjunction with the New Mexico Finance Authority (the Authority) to adopt rules to administer and implement the Child Care Facility Loan Act.

B. The Child Care Facility Loan Act creates the child care facility revolving loan fund to provide long-term, low-interest funding for loans to providers to make health and safety improvements and for operating capital to maintain adequate and appropriate environments for their clients.

C. These rules establish eligibility guidelines, loan application requirements and evaluation procedures for loan applications. The authority will adopt a separate policy governing the structuring and parameters (including interest rates and terms), and financial monitoring of loans from the child care facility revolving loan fund.

N.M. Admin. Code § 8.9.9.6

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