NM awards $70M in interest-free loans to help rebuild Ruidoso, Lincoln County
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.
Projects include:
· $20.5 million – Lincoln County to repair road and bridge damage in the Cedar Creek area.
· $15.5 million – Lincoln County to repair road and bridge damages in the Gavilan Canyon area.
· $44 million – the Village of Ruidoso to repair road and bridge damages in Upper Canyon area.
"In less than 50 days since the bill was signed, DFA got this money out the door so it can be put to use as the community rebuilds and recovers from the fires," said DFA Secretary Wayne Propst. "We treated this with the utmost urgency and completed the process as quickly as possible.
"The fires and floods brought devastating impacts to this community, and we know how important it is to get them the resources they need to rebuild in a way that makes them more resilient. We appreciate the leadership of Governor Lujan Grisham and the partnership with DFA to find the most efficient way to kick start Lincoln County's recovery," said DHSEM Interim Cabinet Secretary, Maj. Gen. Miguel Aguilar.
