CHARTER SCHOOLS & NMFA

HB 149 expands access to facility financing for New Mexico charter schools by amending the New Mexico Finance Authority Act. It allows the state finance authority to provide loans from the Charter School Facility Revolving Fund to nonprofit foundations or support organizations affiliated with charter schools - previously limited to schools themselves. The bill also requires charter schools to receive the maximum available grant from the Public School Capital Outlay Fund for lease assistance and caps their local contribution to capital projects at 10%. These changes directly affect charter schools and their affiliated nonprofit groups by improving their ability to secure funding for facility construction, renovation, or lease-purchase agreements.