To create or expand economic development opportunities and housing within the state, the authority may: A. acquire, whether by construction, purchase, gift or lease, and hold title to or other interest in an enterprise development project or housing development project; B. provide opportunity enterprise financing to opportunity enterprise partners and collect costs and fees associated with that financing; C. enter into a contract to lease property to an opportunity enterprise partner and collect rent, costs and fees associated with that lease; D. make loans to opportunity enterprise partners and collect payments, including principal, interest costs and fees associated with that loan; E. make loans to housing development partners and collect payments, including principal, interest costs and fees associated with those loans; F. sell or otherwise dispose of any property obtained as a result of an enterprise development project or a housing development project; provided that proceeds received shall be deposited in the opportunity enterprise revolving fund or the housing development revolving fund, respectively; G. make, execute and enforce all contracts necessary to carry out the provisions of the Opportunity Enterprise and Housing Development Act; H. take legal action available to the authority to recover public money or other public resources if an opportunity enterprise partner or housing development partner defaults on its obligations to the authority; I. enter into joint powers agreements or other agreements with a state agency or governmental entity, as the authority determines to be appropriate for such purpose; J. adopt rules relating to the use of the opportunity enterprise revolving fund and the housing development revolving fund necessary to carry out the provisions of the Opportunity Enterprise and Housing Development Act subject to approval of the New Mexico finance authority oversight committee; and K. enter into opt-in agreements where the enterprise development project is located to facilitate the development of an enterprise development project; provided that if included in the opt-in agreement, the authority shall make payments in lieu of taxes to a county, municipality or school district to offset the tax impact of an enterprise development project. History: Laws 2022, ch. 57, § 3; 2024, ch. 8, § 3. The 2024 amendment, effective May 15, 2024, included housing development projects within the scope of the New Mexico finance authority's powers and duties, authorized the New Mexico finance authority to make loans to housing development partners and to perform certain duties related to those loans, included the housing development revolving fund for the deposit of certain proceeds received by the New Mexico finance authority, authorized the New Mexico finance authority to adopt rules related to the use of the housing development revolving fund; in the introductory clause, after "economic development opportunities" added "and housing"; after "Opportunity Enterprise" added "and Housing Development" throughout the section; in Subsection A, after "enterprise development project" added "or housing development project"; added a new Subsection E and redesignated former Subsections E through J as Subsections F through K, respectively; in Subsection F, after "enterprise development project" added "or a housing development project" after "deposited in the" added "opportunity enterprise revolving" and after "fund" added "or the housing development revolving fund, respectively"; in Subsection H, after "opportunity enterprise partner" added "or housing development partner"; and in Subsection J, after "use of the" added "opportunity enterprise revolving" after "fund," added "and the housing development revolving fund".
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