New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT
Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND
Section 12.21.3.18 - MSRL LOAN AMOUNT AND REPAYMENT BY PROPERTY OWNER
Universal Citation: 12 NM Admin Code 12.21.3.18
Current through Register Vol. 35, No. 18, September 24, 2024
A. The amount of MSRL funds contributed to the loan pool shall not exceed $75,000 for any one project except if granted by a waiver of the committee at a public meeting.
B. The property owner of an approved project will repay the loan or loan subsidy in monthly installments. Payment on the interest and principal shall be in accordance with Subparagraph (c) of Paragraph (16) of Subsection C of 12.21.3.13 NMAC of these regulations.
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