The proposed "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 creating rules to implement the act and will report annually on the assistance provided, detailing the types of services rendered and any recommended changes to ensure the proper safeguarding of public funds. The act's provisions will take effect only if a constitutional amendment allowing the state to donate public funds to private entities for public purposes is certified.