The Vibrant Communities Act establishes a new program aimed at providing public assistance to qualifying nonprofit organizations for the completion of public purpose projects in New Mexico. The act outlines the creation of the Vibrant Communities Program within the Department of Finance and Administration, which will administer the program and ensure the protection of public funds. Qualifying entities, defined as organizations exempt from federal income tax under specific sections of the Internal Revenue Code, can apply for public assistance to finance projects that benefit public health, safety, or welfare. The act mandates that the department solicit preliminary applications annually and submit a list of proposed projects to the legislature and governor for approval.

Additionally, the act specifies the contractual terms under which public assistance will be provided, including compliance with applicable laws, ongoing reporting requirements, and provisions for reimbursement in case of non-compliance. The department is tasked with maintaining oversight of the projects and ensuring that public funds are used responsibly. The act will take effect only if a constitutional amendment is certified, allowing for the donation of public funds to private entities for public purposes, thereby repealing existing prohibitions against such appropriations.