New Mexico Statutes Chapter 6. Public Finances § 6-31A-5. Eligibility requirements

Current as of January 01, 2024 | Updated by Findlaw Staff

A. To be eligible for project funding:

(1) an applicant shall be a public entity or a business registered in New Mexico;

(2) an applicant's project shall be reasonably expected to do two or more of the following in New Mexico:

(a) advance innovation in at least one of the target sectors;

(b) foster collaboration between at least two of the following: private industry, a national laboratory, a federal agency or a public entity;

(d) create new economic opportunities;

(e) create new jobs and workforce training opportunities; and

(f) advance the commercialization of a technology in at least one of the target sectors;

(3) an applicant shall submit:

(a) a project budget that includes proposed and anticipated funding from state and non-state sources;

(b) one or more letters of support or letters of commitment of resources to the project;

(c) if a public entity, at least one partnership agreement entered into for the purposes of the project from partners not under the control of the applicant;

(d) a time line detailing when and how project funding will be expended;

(e) a time line for non-state funding availability and applicant match funding availability, if applicable; and

(f) a valuation methodology for in-kind contributions, if applicable;

(4) if applicable due to a match requirement, an applicant shall submit evidence satisfactory to the division that the applicant has received applicant match in an amount that is equal to or greater than the amount of project funding the applicant is requesting, including certification by the applicant of such a fact;

(5) if an applicant is seeking project funding in connection with or as part of a separate application for grant money that requires cost sharing, matching funds, institutional support or regional financial commitments as a condition of eligibility for that grant money, the applicant shall submit written evidence from the entity providing that grant money that clearly states such requirements will be used in the evaluation of applications for that grant money. If no such written evidence exists of the requirements for institutional support or regional financial commitment, the applicant may submit alternative proof of the requirements and the division shall establish criteria and, on a case-by-case basis, evaluate whether the proof is sufficient; and

(6) an applicant shall meet all other eligibility requirements of the division, which the division shall establish in consultation with the board.

B. In lieu of evidence of documented need for project funding required pursuant to Subsection A of this section, an applicant may include with the applicant's application a justification for why project funding is necessary for the project to be successful and effectively promote state interests in one or more target sectors.

C. When an applicant's project has a match requirement, the division may reduce applicant match requirements by up to fifty percent for projects:

(1) that primarily benefit communities that are rural or part of Indian nations, tribes or pueblos;

(2) led by minority-serving public post-secondary educational institutions as defined in federal law; or

(3) that address critical state needs as determined by the department in its statewide economic plan.

D. An in-kind contribution to a project may qualify as a portion of an applicant's required match when the:

(1) value of the in-kind contribution can be independently verified;

(2) in-kind contribution is essential to the project's success, as determined by the division;

(3) in-kind contribution would otherwise be a legitimate project expense; and

(4) total in-kind contributions to a project constitute no more than fifty percent of the applicant match.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 6. Public Finances § 6-31A-5. Eligibility requirements - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-6-public-finances/nm-st-sect-6-31a-5/

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