Section 58-28-5 - Use of money; eligible activities.
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 alloted for use to provide scholarships for New Mexico high school graduates and general equivalency diploma 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.