New Money Rules for Reviving New Mexico Towns
The finance office has rolled out a clear, step‑by‑step process to help local governments tap a share of the gross receipts tax for rebuilding neglected neighborhoods.
Application Process
Detailed Plans – Municipalities submit a comprehensive proposal that includes:
- Project scope
- Expected benefits
- Timelines
Earmarking Funds – The plan must show how every dollar will be used for concrete redevelopment, not general budgets.
Evaluation Criteria
The state reviews each proposal against a weighted set of factors:
- Level of blight
- Potential job creation
- Community support
Projects with the highest positive impact score are selected.
Reporting Requirements
After approval, local governments must:
- Submit quarterly reports
- Track spending and progress toward goals
These updates help the department monitor proper use of funds and adjust strategies when needed.
Implementation
- Effective Date: March 24
- Replaces previous vague guidance that left many towns uncertain
The new rules aim to make the process transparent and results‑focused, encouraging more successful revitalization efforts across New Mexico.
