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Committee expands and approves list of projects for New Mexico Finance Authority public project revolving loan fund

5721430 · February 22, 2025

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Summary

Senate Bill 115, authorizing projects to borrow through the NMFA Public Project Revolving Loan Fund (PPRF), was amended to add dozens of projects and received a committee do-pass recommendation (recorded 7–0).

Senator Steinberg presented Senate Bill 115 to authorize projects under the New Mexico Finance Authority’s Public Project Revolving Loan Fund (PPRF). The bill as introduced authorized 154 projects; the committee adopted an amendment that expanded seven projects and added 45 additional projects that applied after the initial round closed.

Markita Russell of NMFA explained the amendment added projects that came forward after the initial application cut‑off in mid‑October, increasing the total number of authorized projects. Committee members adopted the amendment without objection and then moved the bill forward; the committee recorded a do‑pass recommendation by roll call and the clerk announced a 7–0 do‑pass result.

What’s next: with the committee’s recommendation the bill will be printed and sent to the floor. If passed by the Legislature, the authorized projects may proceed with borrowing under NMFA’s PPRF program subject to NMFA processes and available financing.