EL PASO, Texas ( KTSM ) — The State of New Mexico says it has awarded $70 million in zero-interest loans to local governments to help repair or replace infrastructure that was damaged by fire, flooding or debris from this summer’s Salt and South Fork fires in the Ruidoso area.
The New Mexico Department of Finance and Administration is teaming up with the Department of Homeland Security Emergency Management to award the loans, DFA said in a news release.
The money for the loans was allocated during the 2024 special session of the state Legislature.
“These zero-interest loans reflect my administration’s commitment to helping communities rebuild in the aftermath of the devastating Salt and South Fork fires,” said Gov. Michelle Lujan Grisham. “I appreciate the Department of Finance and Administration’s diligence in getting these loans to local governments quickly and efficiently.”
The state awarded $26 million to Lincoln County and $44 million to the Village Ruidoso in zero-interest loans. Project totals for Lincoln County are higher because it includes the county’s local funding, according to the state.