Public Project Revolving Fund
The Public Project Revolving Fund from New Mexico Finance Authority offers low-interest loans for science, infrastructure, and public facility projects benefiting New Mexico’s public entities.
Funder: New Mexico Finance Authority
Due Dates: Rolling (applications due two weeks before board meeting for next month's review)
Funding Amounts: No set minimum or maximum; loans typically up to 30 years, with low, fixed interest rates. Disadvantaged entities may qualify for 0% or 2% interest loans up to $500,000 per fiscal year.
Summary: Provides low-interest loans to New Mexico public entities for infrastructure, buildings, equipment, and essential public projects.
Key Information: Eligible only for New Mexico public entities (including tribal and charter schools); not a research grant but a capital financing program.
Description
The Public Project Revolving Fund (PPRF) is New Mexico’s primary public financing mechanism for local governments, tribal entities, and charter schools to access capital for a wide range of public projects. Administered by the New Mexico Finance Authority (NMFA), the PPRF provides market-rate and subsidized loans to support infrastructure improvements, road construction, building acquisition or renovation, water and wastewater systems, public safety equipment, hospitals, utilities, and quality of life projects. The program leverages the NMFA’s share of Governmental Gross Receipts Tax to offer some of the lowest borrowing costs in the state, with special interest rate reductions for disadvantaged communities.
