2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 28 - Land Title Trust Funds
Section 58-28-5 - Use of money; eligible activities.

A. Money from the fund and other sources may be used to finance in whole or in part any loans or grant projects that will provide housing for low-income persons and for other uses specified in this section. Money deposited into the fund may be used annually as follows:

(1) no more than five percent of the fund shall be used for expenses of administering the fund;

(2) no less than twenty percent of the fund shall be invested in a permanent capital fund, the interest on which may be used for purposes specified in this section;

(3) no less than fifty percent of the fund shall be allocated to eligible organizations to make housing more accessible to low-income persons;

(4) no more than ten percent of the fund may be allocated for use to provide scholarships for New Mexico high school graduates and high school equivalency credential recipients at New Mexico public post-secondary educational institutions under a program approved by the trustee under the administration of a nonprofit statewide land title association; and

(5) the remaining balance may be allocated to eligible organizations for other housing-related programs for the benefit of the public as specifically approved by the trustee from time to time.

B. Money in the capital fund authorized in Paragraph (2) of Subsection A of this section may be invested in fully amortizing interest-bearing mortgages secured by real property in New Mexico, the interest on which may be used for purposes specified in this section.

History: Laws 1997, ch. 118, § 5; 2003, ch. 304, § 5; 2015, ch. 122, § 21.

The 2015 amendment, effective July 1, 2015, replaced "general equivalency diploma" with "high school equivalency credential" relating to scholarships from the land title trust fund; and in Paragraph (4) of Subsection A, after "the fund may be", deleted "allotted" and added "allocated", after "high school graduates and", deleted "general" and added "high school", and after "equivalency", deleted "diploma" and added "credential".

The 2003 amendment, effective June 20, 2003, redesignated the former undesignated paragraph as Subsection A and redesignated former Subsections A through C as present Paragraphs A(1) through A(3), inserted present Paragraph A(4), redesignated former Subsection D as present Paragraph A(5) and added present Subsection B; and substituted "five percent" for "seven percent" near the beginning of present Subsection A(1).