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 outlines the definitions of key terms related to the Child Care Facility Loan Act, such as "authority," "department," "facility," and "provider." It specifies that no more than twenty percent of the fund may be allocated to a single provider for a single project and emphasizes the importance of serving families eligible for child care assistance. The department and authority are tasked with adopting rules to implement the act, ensuring that eligibility requirements and applicant selection are aligned with the goals of supporting child care access in underserved communities.

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