N.M. Stat. § 4-55D-4

Current through 2024, ch. 69
Section 4-55D-4 - Approval of special assessment
A. Prior to entering into a special assessment agreement, a property owner shall submit a project application to the program administrator in a form consistent with the program guidebook. The application shall include:
(1) for an existing eligible property:
(a) where energy efficiency improvements, water conservation improvements or renewable energy improvements are proposed, certification by a licensed professional engineer or other professional listed in the program guidebook stating that the proposed eligible improvements will either result in more efficient use or conservation of energy or water, the reduction of greenhouse gas emissions or the addition of renewable sources of energy or water; or
(b) where resiliency improvements are proposed, certification by a licensed professional engineer or other professional listed in the program guidebook stating that the qualified improvements will result in improved resilience;
(2) for construction of a new eligible property, certification by a licensed professional engineer or other professional listed in the program guidebook stating that the proposed eligible improvements will enable the property to exceed the energy efficiency, water conservation, renewable energy, renewable water or resilience requirements of the applicable building code;
(3) certification that the property owner requesting the proposed eligible improvements is the owner of record of the property on which the special assessment will be imposed and that there are no delinquent taxes or assessments on the property;
(4) the name of the capital provider providing the special assessment financing and the proposed terms of the special assessment financing agreement, including:
(a) the special assessment financing amount;
(b) the interest rate;
(c) administrative fees paid to the county;
(d) a schedule of the installments of the special assessment;
(e) the number of years the special assessment shall be imposed on the property;
(f) delinquent interest or penalties; and
(g) the conditions by which the property owner may prepay and permanently satisfy the debt owed pursuant to the special assessment financing agreement and remove the special assessment lien from the property; and
(5) written consent from any holder of a lien, mortgage or security interest in the real property that the property may participate in the program and that the special assessment lien shall have priority superior to all liens, claims and titles except a lien for general ad valorem property taxes or an improvement district lien that is coequal to property taxes.
B. Prior to entering into a special assessment agreement, the county shall receive from the program administrator certification that the proposed eligible improvements, eligible property and property owner qualify for financing pursuant to the program.

NMS § 4-55D-4

Laws 2023, ch. 150, § 4.