RURAL INFRASTRUCTURE REVOLVING LOAN PROGRAM
Navajo Dam RIP loan signing ceremony- Funds are being used to install a package water treatment system & construct a building to house the plant.
|The Rural Infrastructure Act (Chapter 75, Article 1 NMSA 1978) created the Rural Infrastructure Revolving Loan Program (RIP) in 1988. The purpose of the RIP is to provide financial assistance to local authorities for the construction or modification of water supply facilities. The Rural Infrastructure Act was amended in 2001 to include construction or modification of wastewater facilities and again in 2007 to include solid waste. Click here to view the NMAC regulations that govern RIP.|
|TYPE OF FUNDS|
|Because the funds are state monies, the application and approval process is streamlined allowing the funds to be available within four to six weeks. The maximum loan per entity and project is $2,000,000.|
|The base interest rate is 3%, with a repayment schedule of up to 20 years. The first payment is not due until one year after the completion of the project. No grants are currently available but may be in the future.|
|ELIGIBLE ENTITIES AND PROJECTS|
Any incorporated city, town, village, mutual domestic association, or water and sanitation district whose water supply facility serves a population of less than twenty thousand persons or a county that serves a population of less than two hundred thousand. These types of projects can be financed through RIP:
|LOAN FUNDS AVAILABLE|
|The approximate amount of loan money available as of June 30, 2008 is $17 million. As of June 30, 2008, CPB has nine active RIP loans in construction with an outstanding balance of $2,269,441. There are currently 123 loans in repayment with a current loan balance of $13,623,463.|
|Applications are accepted throughout the year.
Loan funds can be made available for projects within four to six weeks upon submission of complete application. Please click HERE for the online Project Interest Form.
|Downloadable RIP Forms|
It is recommended that the Loan Application Checklist be downloaded and reviewed before applying for a RIP loan to ensure a complete application.
|Disbursement Request - Form submitted to CPB by community for reimbursement of eligible project costs incurred.|
|Disbursement Request Instructions - Line by line instructions for completing a disbursement request form.|
|Sample Disbursement Request - A completed sample disbursement request.|
|Substitute W-9 Taxpayer Identification Number Verification (TIN) - Form required by the Department of Finance and Administration (DFA) to obtain vendor information and ensure that the vendor is on its list of eligible vendors. Please call 505.827.2806 or Contact Us to obtain a copy.|
If you have any questions or would like an application sent to you, please send e-mail to Erika Martinez or call (505) 827-2811.