N.M. Admin. Code § 12.21.3.12

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.21.3.12 - MSRL CONTRIBUTIONS - INELIGIBLE COSTS

A. MSRL contributions to the loan pool shall not be used to pay costs of land acquisition, legal costs, fiscal agents' fees, loan origination fees, points, or other charges incurred by the borrower or which may be imposed by the lending institution or other lending entity, including fees described in 12.21.3.17 NMAC of these regulations and costs that are not expressly permitted in 12.21.3.11 NMAC of these regulations.

B. The borrower shall not apply MSRL funds contributions to the loan pool toward the acquisition or purchase of property.

12.21.3.12 NMAC - N, 12/15/08