Public Project Revolving Fund
Public Project Revolving Fund supports New Mexico public entities with low-cost loans for infrastructure, buildings, utilities, and equipment, helping communities stretch limited public dollars.
Funder: New Mexico Finance Authority
Due Dates: November 6, 2026 (application for December 10, 2026 board meeting)
Funding Amounts: Loans up to 30 years; eligible disadvantaged communities may receive 0% or 2% financing on up to $500,000 per entity per fiscal year
Summary: Low-cost loans help New Mexico public entities finance infrastructure, buildings, utilities, and capital equipment.
Key Information: This is repayable financing, and applicants must pledge a revenue source as loan security.
Description
The Public Project Revolving Fund (PPRF) is the New Mexico Finance Authority’s flagship financing program, created in 1992 to help public entities access capital markets at low or below-market interest rates. It supports infrastructure improvements, roads, water and wastewater systems, fire and law enforcement equipment, public buildings, hospitals and healthcare facilities, electric and broadband utilities, and quality-of-life projects. Building construction, purchase and renovation, sanitation equipment, transfer stations, and landfills are also supported.
PPRF offers market-rate loans alongside subsidized financing for disadvantaged communities. NMFA replenishes the revolving fund through tax-exempt bonds secured by program loans and annual Governmental Gross Receipts Tax receipts. This structure allows NMFA to pass borrowing-cost savings to New Mexico communities, helping them stretch limited public dollars.
