The bill amends the Child Care Facility Revolving Loan Fund to enhance economic development by allowing the Early Childhood Education and Care Department and the New Mexico Finance Authority to contract for services with providers or employers aiming to create or expand child care programs for their employees. It expands the uses of loans from the fund to include not only health and safety improvements and facility expansions but also operating capital for providers. The bill establishes specific conditions under which loans can be granted, prioritizing providers that serve low-income families and operate in designated child care deserts.

Additionally, the bill introduces new definitions and clarifies the administration of the fund, ensuring that no more than twenty percent of the fund can be allocated to a single provider for a single project. It emphasizes the importance of serving families eligible for child care assistance and requires providers to demonstrate growth in the number of children served. The department and authority are tasked with adopting rules to implement these changes effectively, ensuring that the fund is utilized to support the development of child care facilities in New Mexico.

Statutes affected:
introduced version: 24-24-4
CT substitute: 24-24-3, 24-24-4
Final Version: 24-24-3, 9-2A-8