Bill > HB47

This bill authorizes the New Mexico Finance Authority to make rural health care project loans to qualifying rural health care providers. The loans can be used for the planning, development, and operation of rural health care projects or the purchase of an existing medical practice in a rural community. The bill creates the Rural Health Care Project Revolving Fund to administer the loan program and appropriates $7.5 million from the general fund to the revolving fund. The bill sets the loan terms, including a maximum loan amount of $500,000, an interest rate of half the Wall Street Journal prime rate, and a repayment period of up to 10 years. The New Mexico Finance Authority is required to submit annual reports on the loan program, and the information about individual loan applicants and recipients is confidential.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=47&year=23