A. Costs capitalized into the special assessment financing principal amount may include: (1) the cost of materials and labor necessary for installation or modification of an eligible improvement; (2) permit fees; (3) inspection fees; (4) capital provider's fees; (5) program administrative fees; (6) project development and engineering fees; (7) third-party review fees, including verification review fees; (8) capitalized interest; (9) interest reserves; (10) escrow for prepaid property taxes and insurance; and (11) any other fees or costs that may be incurred by the property owner incident or ancillary to the installation, modification or improvement on a specific or pro rata basis. B. A property may be eligible for financing if otherwise qualified improvements were completed and operational no more than thirty-six months prior to submission of the application to the local government. C. A county or program administrator shall not require property owners or capital providers to access administrative services from the county or program administrator other than those provided for in the Improvement Special Assessment Act. D. Program administrative fees shall reflect the reasonable costs of the county or program administrator to provide administrative services for the program but shall not exceed the lesser of one percent of the principal amount of the special assessment financing or twenty-five thousand dollars ($25,000). History: Laws 2023, ch. 150, § 8. Effective dates. — Laws 2023, ch. 150 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2023, 90 days after adjournment of the legislature.
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