Opportunity Enterprise Fund Signed Into Law

HOUSE DEMOCRATS NEWS RELEASE

Today, Governor Michelle Lujan Grisham signed House Bill 7, the Opportunity Enterprise Act, which will expand the availability of commercial building spaces for meaningful economic development in communities across New Mexico.

The Opportunity Enterprise Act creates a partnership program within the New Mexico Finance Authority (NMFA) to enhance the ability of local communities to fund and construct commercial buildings that will directly support their economic development initiatives. This will help communities acquire the necessary commercial space to support local businesses and create jobs.

“Many entrepreneurs need access to good commercial space to help grow their business and hire locally,” said Representative Meredith Dixon (D-Albuquerque). “This program will help us develop emerging businesses, diversify our economy and create jobs all across New Mexico.”

This law allows the state to finance an entire commercial space project and upon completion continue to own it. The State can then lease it to a private partner. This law also authorizes the state to provide low-interest loans to private sector partners for the development of commercial space. 

The bill was sponsored by Representative Dixon, Rep. Linda Serrato (D-Santa Fe), House Majority Leader Javier Martínez (D-Albuquerque), and Speaker Brian Egolf (D-Santa Fe).