SENATE BILL 404

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Dede Feldman

AN ACT

MAKING AN APPROPRIATION FOR A RESIDENTIAL ENERGY-EFFICIENCY IMPROVEMENT LOAN PROGRAM.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. APPROPRIATION.--Two million five hundred thousand dollars ($2,500,000) is appropriated from the general fund to the department of finance and administration for disbursement to the New Mexico mortgage finance authority for expenditure in fiscal years 2008 through 2010 to create and implement a residential energy-efficiency improvement loan program for low- and moderate-income households whose incomes are no more than one hundred twenty percent of the area median income, as defined by the United States department of housing and urban development. Energy-efficiency improvements may include conversion of existing utility systems to solar systems and other energy-efficient retrofits. The New Mexico mortgage finance authority shall adopt rules to administer the program, including application procedures and qualifications of projects. No more than ten percent of the appropriation may be used by the New Mexico mortgage finance authority for administrative expenses. Any unexpended or unencumbered balance remaining at the end of fiscal year 2010 shall revert to the general fund.

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