HB 290/a CHILD CARE FACILITY LOAN FORGIVENESS

Rep Linda Serrato

Actions: [5] HCEDC/HAFC-HCEDC [9] DP/a-HAFC

Scheduled: Not Scheduled

 House Bill 290 (HB 290) allows for the forgiveness of loans made to certain borrowers according to the Child Care Facility Loan Act; provides conditions; expands uses of the loans; and makes an appropriation. 

 House Bill 290 (HB 290) states that monies in the child care facility revolving loan fund may be used by providers and facilities seeking to expand child care programs, and to employers to create or expand child care programs for their employees.

New language is added to provide for forgiveness of loans made to certain borrowers according to the Child Care Facility Loan Act, with specified conditions.

One million seven hundred fifty thousand dollars ($1,750,000) is appropriated from the general Fund to the Department of Finance and Administration for expenditure in Fiscal Year 2025 and subsequent fiscal years for the New Mexico Finance Authority to carry out the purposes of the child care facility revolving loan fund.
 

 If the bill does not pass, employer child care facilities will continue to be ineligible for loan forgiveness, and the proposed appropriation will not be made. 

 Amendment made on February 3, 2024 in the House Commerce and Economic Development Committee.

HDEDCa/HB 290: The House Commerce and Economic Development Committee amends the bill as follows:

1. On page 1, line 11, after the semicolon, strike the remainder of the line, strike line 12, strike line 13 through "ACT" and insert in lieu thereof "ALLOWING THE EARLY CHILDHOOD EDUCATION AND CARE DEPARTMENT AND THE NEW MEXICO FINANCE AUTHORITY TO CONTRACT FOR SERVICES WITH PROVIDERS OR EMPLOYERS SEEKING TO CREATE OR EXPAND CHILD CARE PROGRAMS FOR THEIR EMPLOYEES". 

2. On page 2, line 10, strike "and facilities". 

3. On page 2, line 12, after "employees", insert ", and for the department and the New Mexico finance authority to contract for services with providers and employers seeking to create or expand child care programs for their employees". 

4. On page 2, line 20, after the subsection designation "D.", strike the remainder of the line, strike lines 21 through 23 and on line 24, strike "forgiven;" and insert in lieu thereof "The department and the New Mexico finance authority shall enter into a contract for services with a provider or an employer seeking to create or expand child care programs for their employees;". 

5. On page 2, line 25, strike ", facility". 6. On page 3, line 2, strike ", facility". .227986.3 HB 290 Page 2 7. On page 3, line 4, strike ", facility". 8. On page 3, line 6, strike ", facility".