New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE
Part 1 - GENERAL PROVISIONS
Section 2.93.1.7 - DEFINITIONS

A. "Act" means the Opportunity Enterprise and Housing Development Act, Sections 6-34-1 through 6-34-15, NMSA 1978, as the same may be amended and supplemented.

B. "Affordable housing infrastructure project" means infrastructure projects needed to support housing for low- or moderate-income residents.

C. "Application" means a written document made publicly available by the authority and filed with the authority for the purpose of evaluating the applicant's qualifications and proposed projects for types of assistance which may be provided by the authority under the act.

D. "Authority" means the New Mexico finance authority.

E. "Board" means the opportunity enterprise and housing development review board created by the act.

F. "Bylaws" means the amended and restated bylaws of the board adopted on May 2, 2024, as amended and supplemented from time to time.

G. "Commercial development committee" means a standing committee, appointed by the chairman of the board from members of the board pursuant to the bylaws to review proposed enterprise development projects to be recommended for funding form the opportunity enterprise revolving fund.

H. "Department" means the economic development department.

I. "Economic development opportunities" means the advancement of an environmentally sustainable economic development goal of the state as determined by the authority, in coordination with the department, and includes the creation of jobs, the provision of needed services and commodities to diverse communities across the state and the increase of tax and other revenue collections resulting from the enterprise development project.

J. "Enterprise assistance" means opportunity enterprise financing, an opportunity enterprise lease or an opportunity enterprise loan.

K. "Enterprise development project" means a commercial real estate development project primarily occupied by businesses unrelated to the opportunity enterprise partner that involves the purchase, planning, designing, building, surveying, improving, operating, furnishing, equipping or maintaining of land, buildings or infrastructure to create or expand economic development opportunities within the state.

L. "Housing development assistance" means a loan for workforce development housing projects or affordable housing infrastructure projects.

M. "Housing development committee" means a standing committee, appointed by the chairman of the board from the members of the board pursuant to the bylaws to review proposed housing development projects to be recommended for funding from the housing development revolving fund.

N. "Housing development partner" means a domestic corporation, a general partnership, a limited liability company, a limited partnership, a public benefit corporation, a nonprofit entity or any other private business entity or combination thereof that the authority determines is or will be engaged in a project that creates or expands housing within the state and is eligible for housing development assistance pursuant to the act.

O. "Housing development project" means an affordable housing infrastructure project or a workforce development housing project.

P. "Middle income workers" means families with incomes that fall between the lesser of a local jurisdiction's upper limit for housing assistance by relevant housing type or by the New Mexico mortgage finance authority's upper limit for housing development assistance, and three hundred percent of the US housing and urban development area median income for the county.

Q. "Opportunity enterprise partner" means a domestic corporation, a general partnership, a limited liability company, a limited partnership, a public benefit corporation, a nonprofit entity or other private business entity or combination thereof that the authority determines is or will be engaged in an enterprise that creates or expands economic development opportunities within the state and is eligible for enterprise assistance pursuant to the act.

R. "State" means the state of New Mexico.

S. "Workforce development housing" means below-market housing addressing demand for workforce housing for middle income workers in proximity to employment centers as determined by board policy.

T. "Workforce development housing project" means a residential real estate development project that involves the purchase, planning, designing, building, surveying, improving, operating, furnishing, equipping or maintaining of land, buildings or infrastructure that provides housing, including housing that provides the option of home ownership.

U. "Zoning reforms" means policies, procedures and regulations implemented by political subdivisions intended to decrease the costs and timing of constructing affordable housing and workforce housing, including expedited permitting, high density zoning, and other criteria as determined by policies of the board.