Section 6-27-4 - Eligibility requirements; non-individual and individual qualifying grantees.
6-27-4. Eligibility requirements; non-individual and individual qualifying grantees.
A. To be eligible to receive lands, buildings and infrastructure pursuant to Section 14 of Article 9 of the constitution of New Mexico, a non-individual qualifying grantee shall:
(1) have a functioning accounting system that is operated in accordance with generally accepted accounting principles or has designated an entity that will maintain such an accounting system consistent with generally accepted accounting principles;
(2) have among its purposes significant activities related to providing housing or services to low- or moderate-income persons or households; and
(3) if it has significant outstanding or unresolved monitoring findings from either the authority or its most recent independent financial audit, have a certified letter from the authority or auditor stating that the findings are in the process of being resolved.
B. To be eligible to receive lands, buildings and infrastructure pursuant to Section 14 of Article 9 of the constitution of New Mexico, an individual qualifying grantee shall meet the requirements established by the authority pursuant to the Affordable Housing Act [6-27-1 NMSA 1978].