New Mexico Administrative Code › Title 4 - CULTURAL RESOURCES › Chapter 10 - CULTURAL PROPERTIES AND HISTORIC PRESERVATION › Part 2 - HISTORIC PRESERVATION LOAN FUND › Section 4.10.2.8 - HPL CONTRIBUTIONS TO THE LOAN POOL AND THE LOAN POOL

Current through Register Vol. 35, No. 13, July 16, 2024
A. HPL funds are
				contained in the historic preservation loan fund. Funding of restoration,
				rehabilitation, repair and preservation of a registered cultural property is
				accomplished by the division contributing an amount of HPL funds into the loan
				pool.
B. For each approved project,
				the division and the lending institution shall establish a schedule for
				disbursement of loan funds to the borrower. The schedule shall be included in
				the loan participation agreement as provided for in 4.10.2.13 NMAC of these
				regulations, and indicate the stages of work progress and the anticipated dates
				of disbursements and amount of HPL contributions to be directed toward each
				stage of work progress. The period during which all disbursements of the HPL
				contributions for a project shall not exceed a period of twelve months from the
				date the first disbursement of loan funds was made to the borrower or a period
				otherwise agreed to by the parties in the loan participation agreement. In
				either event, such period shall not exceed two years from the date of project
				loan approval by the division. The disbursement schedule for the HPL funds from
				the loan pool shall be based upon the planned restoration, rehabilitation,
				repair and authorized use of HPL funds.
C. Prior to the date of a scheduled
				disbursement of HPL Funds, the lending institution shall notify the division
				that a deposit of a specified amount of HPL funds into the loan pool is
				necessary. The division shall make an appropriate request to the New Mexico
				state treasurer's office to effect the deposit of the specified amount of HPL
				funds into the loan pool for disbursement to the borrower by the lending
				institution. An HPL contribution that is not disbursed to the borrower as
				provided in Subsection B of 4.10.2.8 NMAC herein shall be returned by the
				lending institution to the division.
D. The division shall only deposit HPL funds
				into the loan pool to pay the costs of completed rehabilitation, restoration,
				or repair work, or for reimbursement of payment of approved materials delivered
				to the project site, including eligible costs approved by the
				division.
E. In addition to HPL
				funds, the funds in the loan pool may include other funds from other sources
				that are available for loans or loan subsidies made pursuant to the Historic
				Preservation Loan Act.
F. HPL funds
				contributed into and disbursed from the loan pool shall be used in accordance
				with these regulations.
G. Non-HPL
				contributions in the loan pool may be available for costs of land acquisition,
				purchase, or other costs for which HPL funds cannot be used.
H. Use of non-HPL contributions in the loan
				pool shall be governed by any applicable restrictions, requirements, terms or
				conditions of the lending institution or other funding entity.