Chapter 3, Article 60C NMSA 1978 may be cited as the “Main Street Revolving Loan Act”. History: Laws 2007, ch. 103, § 1; 2009, ch. 185, § 1. ANNOTATIONS The 2009 amendment, effective June 19, 2009, changed the reference to the act to the chapter and article of NMSA 1978.
The purpose of the Main Street Revolving Loan Act is to provide owners of eligible properties with low-cost financial assistance, through the creation of a self-sustaining revolving loan program, in the restoration, rehabilitation and repair of those properties if they meet certain eligibility criteria and would contribute substantially to the state’s economic well-being and to […]
As used in the Main Street Revolving Loan Act: A. “committee” means the main street revolving loan committee; B. “division” means the historic preservation division of the cultural affairs department; C. “eligible property” means a site, structure, building or object that is subject to the Main Street Act or otherwise found pursuant to rule of […]
A. The “main street revolving loan committee” is created, consisting of six members as follows: (1) the director of the division or the director’s designee; (2) the coordinator of the main street program under the Main Street Act [3-60B-1 to 3-60B-4 NMSA 1978] or the coordinator’s designee; (3) the chair of the cultural properties review […]
A. The “main street revolving loan fund” is created in the state treasury. The fund shall consist of appropriations, loan payments, federal funds received for the purpose of making loans, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall […]
A. The division shall administer a program to make direct loans or loan subsidies and shall contract with one or more lending institutions for deposits to be used for the purpose of making or subsidizing loans to property owners for the restoration, rehabilitation or repair of eligible properties. B. The committee shall adopt a procedure […]
