A. The division shall establish a program to make direct loans or loan subsidies and a program to contract with one or more lending institutions for deposits to be used for the purpose of making or subsidizing loans to owners of registered cultural properties for the restoration, rehabilitation or repair of those properties in accordance with the Historic Preservation Loan Act [18-6-18 to 18-6-23 NMSA 1978].
B. The division shall adopt rules and regulations to govern the application procedure and requirements for making or subsidizing loans under the Historic Preservation Loan Act.
C. The division shall adopt rules and regulations to govern the deposits with lending institutions for making or subsidizing loans under the Historic Preservation Loan Act.
D. The division and committee in cooperation shall adopt a system for the priority ranking of historic preservation projects, both eligible and ineligible for federal funding assistance, for which loan or loan subsidy applications have been received by the division. The system shall be based on factors including geographic distribution of recipient projects, severity of deterioration of the registered property, the degree of architectural and construction detail in the loan application demonstrating the feasibility of the proposed restoration, rehabilitation or repair of the registered cultural property and availability of other funding for the project. All loans or loan subsidies from the fund shall be granted pursuant to this system and the system shall be reviewed annually by the division and committee.
E. The committee and division shall monitor the fund and shall prepare an annual report to the governor and the legislature detailing the operations of the fund.
F. The division has the authority necessary and appropriate for the exercise of the powers and duties conferred by the Historic Preservation Loan Act.
History: Laws 1987, ch. 7, ยง 5.
Structure New Mexico Statutes
Chapter 18 - Libraries, Museums and Cultural Properties
Article 6 - Cultural Properties
Section 18-6-2 - Purpose of act.
Section 18-6-4 - Committee created; membership; compensation; voting; term; chairman; meetings.
Section 18-6-5 - Committee; powers and duties.
Section 18-6-8 - State historic preservation officer; appointment; qualifications; duties.
Section 18-6-8.1 - Review of proposed state undertakings.
Section 18-6-9.1 - Cultural property; unauthorized appropriation; larceny.
Section 18-6-9.2 - Cultural property; unauthorized damage or appropriation; civil penalties.
Section 18-6-9.3 - Cultural property; forfeiture of instruments.
Section 18-6-10 - Cultural properties on private land.
Section 18-6-11 - Permit required for excavation of archaeological sites; penalty.
Section 18-6-11.1 - Confidentiality of site location.
Section 18-6-11.2 - Permit required for excavation of unmarked burials; penalty.
Section 18-6-12 - Emergency classification pending investigation.
Section 18-6-14 - State historian.
Section 18-6-15 - State archaeologist.
Section 18-6-16 - Preparation and sale of cultural properties publications; revolving fund; report.
Section 18-6-18 - Short title.
Section 18-6-20 - Definitions.
Section 18-6-21 - Fund created; administration.
Section 18-6-22 - Loan program; duties of division and committee.
Section 18-6-23 - Loans; criteria.
Section 18-6-24 - Short title.
Section 18-6-25 - Definitions.