N.M. Admin. Code § 12.21.3.7

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

Section 12.21.3.7 - DEFINITIONS

A. "Acquisition" means the acquiring of a fee simple interest or of a lesser interest by appropriate mechanism, including but not limited to easement or lease, in a main street property.

B. "Development agreement and covenants and deed restrictions" means the agreement entered into between the committee, division and the property owner/borrower.

C. "Committee" means the main street revolving loan committee.

D. "Division" means the historic preservation division, department of cultural affairs.

E. "Eligible property" means a site, structure, building or object that is subject to the Main Street Act (3-60B-1 NMSA 1978) or otherwise found pursuant to rule of the committee to merit preservation pursuant to the main street revolving loan act.

F. "Fund" means the main street revolving loan fund.

G. "Lending institution" means a commercial bank, savings and loan, credit union or non-profit organization with lending as part of its by-laws.

H. "Loan contributions" means the amount of funds from the main street revolving loan fund deposited into the loan pool.

I. "Loan participation agreement" means the agreement entered into between the division and a lending institution.

J. "Loan pool" means an account established and administered by a lending institution that contains contributions from the main street revolving loan fund, funds from participating lending institution(s), and may include funds from private and federal agencies.

K. "Main street revolving loan fund" or MSRL fund means the revolving loan fund established by Section 3-60C-1 through 3-60C-6, NMSA 1978, of the Main Street Revolving Loan Act, consisting of funds appropriated by the legislature of the state of New Mexico, funds available from federal agencies, non-profit organizations, and private funds made available for purposes of the Main Street Revolving Loan Act and receipts from the repayment of loans or loan subsidies made pursuant to the Main Street Revolving Loan Act.

L. "Non-profit organization" means an organization who has received tax-exempt status under Section 501(c)(3) of the Internal Revenue Code.

M. "Property owner" means the sole owner, joint owner, owner in partnership or an owner of a leasehold interest with a term a term of five or longer of an eligible property.

N. "State historic preservation officer" or "SHPO" means the state official designated by the Cultural Properties Act, Section 18-6-8 NMSA 1978, to serve as the director of the state historic preservation division and administer the Cultural Properties Act and the Main Street Revolving Loan Act, Section 3-60C-4 to administer the main street revolving loan act.

O. "Standards" means the MSRL fund standards for rehabilitation adopted by the committee. The standards are for rehabilitation to guide projects on main street buildings under the Main Street Revolving Loan Act.

N.M. Admin. Code § 12.21.3.7

12.21.3.7 NMAC - N, 12/15/08