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HB 299 - Establishes Financing Options for Improvements to Properties - New Mexico Key Vote

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Title: Establishes Financing Options for Improvements to Properties

Vote Smart's Synopsis:

Vote to pass a bill that establishes new financing options for energy efficiency and environmental improvements to properties.

Highlights:

 

  • Defines "energy efficiency improvement" as measures, equipment or devices that result in a decrease in consumption of or demand for electricity or natural gas (Sec. 2.G).

  • Defines "renewable energy improvement" as an energy system that generates energy by use of low- or zero-emissions generation technology with substantial long-term production, including solar, wind and geothermal resources, fuel cell equipment using an electrochemical process to generate electricity and heat or biomass resources (Sec. 2.N).

  • Defines "special assessment agreement" as a voluntary agreement of a property owner to allow a county to place an assessment on the owner's property to repay special assessment financing pursuant to the Improvement Special Assessment Act (Sec. 2.Q).

  • Requires, prior to entering into a special assessment agreement, a property owner to submit a project application to the program administrator in a form consistent with the program guidebook. The application will include (Sec. 4.A):

    • For an existing eligible property:

      • 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 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

      • Where resiliency improvements are proposed, certification by a licensed professional engineer stating the qualified improvements will result in improved resilience; and

    • For construction of a new eligible property, certification by a licensed professional engineer 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.

  • Requires the recording of the lien to include (Sec. 5.B):

    • The legal description of the property;

    • The county assessor's parcel number of the property;

    • The grantor's name, which shall be the same as the property owner on the special assessment agreement;

    • The grantee's name, which shall be the county in which the property is located;

    • The date on which the special assessment lien was created;

    • The principal amount of the special assessment lien;

    • The terms and length of the special assessment lien; and

    • A copy of the special assessment agreement.

  • Specifies in any action seeking the foreclosure of a special assessment lien against any property after assignable certificates have been issued, if there is no other purchaser for the property having a delinquent special assessment, the county may (Sec. 6.E):

    • Offer the property to the capital provider if all outstanding taxes are paid by the capital provider;

    • Purchase the property sold at the foreclosure sale; or

    • Bid, in lieu of cash, the full amount of the assessment, interest, penalties, attorney fees and costs found by the court to be due and payable pursuant to the special assessment lien and any costs taxed by the court in the foreclosure proceedings against the property ordered sold.

  • Establishes costs capitalized into the special assessment financing principal amount may include (Sec. 8.A):

    • The cost of materials and labor necessary for installation or modification of an eligible improvement;

    • Permit fees;

    • Inspection fees;

    • Capital provider's fees;

    • Program administrative fees;

    • Project development and engineering fees;

    • Third-party review fees, including verification review fees;

    • Capitalized interest;

    • Interest reserves;

    • Escrow for prepaid property taxes and insurance; and

    • Any other fees or costs that may be incurred by the property owner incident to the installation, modification or improvement on a specific or pro rata basis.

Title: Establishes Financing Options for Improvements to Properties

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