NM HB314

Local Government Division of the Department of Finance and Administration must provide zero-interest loans to political subdivisions for repairing public infrastructure damaged by flooding, debris flows, or debris accumulations from the October 19, 2024 storm event in Chaves County

Loan recipients must be approved for federal public assistance funding and must repay loans within 30 days of receiving that federal funding, using the federal funds as the repayment source

Failure to meet repayment requirements converts the zero-interest loan to one with current market interest rates

Appropriates $150,000,000 from the general fund for fiscal years 2027 and 2028 to fund the loan program, with unexpended balances reverting to the general fund

Effective date is July 1, 2026