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 12.21.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Acquisition"
				means the acquiring of a fee simple interest or of a lesser interest by
				appropriate mechanism, including but not limited to easement or lease, in a
				main street property.
B.
				"Development agreement and covenants and deed restrictions" means the agreement
				entered into between the committee, division and the property
				owner/borrower.
C. "Committee"
				means the main street revolving loan committee.
D. "Division" means the historic preservation
				division, department of cultural affairs.
E. "Eligible property" means a site,
				structure, building or object that is subject to the Main Street Act
				(3-60B-1
				NMSA 1978) or otherwise found pursuant to rule of the committee to merit
				preservation pursuant to the main street revolving loan act.
F. "Fund" means the main street revolving
				loan fund.
G. "Lending institution"
				means a commercial bank, savings and loan, credit union or non-profit
				organization with lending as part of its by-laws.
H. "Loan contributions" means the amount of
				funds from the main street revolving loan fund deposited into the loan
				pool.
I. "Loan participation
				agreement" means the agreement entered into between the division and a lending
				institution.
J. "Loan pool" means
				an account established and administered by a lending institution that contains
				contributions from the main street revolving loan fund, funds from
				participating lending institution(s), and may include funds from private and
				federal agencies.
K. "Main street
				revolving loan fund" or MSRL fund means the revolving loan fund established by
				Section
				3-60C-1 through
				3-60C-6,
				NMSA 1978, of the Main Street Revolving Loan Act, consisting of funds
				appropriated by the legislature of the state of New Mexico, funds available
				from federal agencies, non-profit organizations, and private funds made
				available for purposes of the Main Street Revolving Loan Act and receipts from
				the repayment of loans or loan subsidies made pursuant to the Main Street
				Revolving Loan Act.
L. "Non-profit
				organization" means an organization who has received tax-exempt status under
				Section 501(c)(3) of the Internal Revenue Code.
M. "Property owner" means the sole owner,
				joint owner, owner in partnership or an owner of a leasehold interest with a
				term a term of five or longer of an eligible property.
N. "State historic preservation officer" or
				"SHPO" means the state official designated by the Cultural Properties Act,
				Section
				18-6-8
				NMSA 1978, to serve as the director of the state historic preservation division
				and administer the Cultural Properties Act and the Main Street Revolving Loan
				Act, Section
				3-60C-4
				to administer the main street revolving loan act.
O. "Standards" means the MSRL fund standards
				for rehabilitation adopted by the committee. The standards are for
				rehabilitation to guide projects on main street buildings under the Main Street
				Revolving Loan Act.