The Vibrant Communities Act establishes a new program within the New Mexico Department of Finance and Administration aimed at providing public assistance to qualifying nonprofit organizations for the completion of public purpose projects. The act defines key terms such as "qualifying entity," which refers to organizations exempt from federal income tax under specific sections of the Internal Revenue Code, and "public purpose project," which addresses community needs. The program will facilitate the development and funding of these projects through legislative appropriations, and the department is tasked with administering the program, including soliciting preliminary applications from qualifying entities and reviewing them annually.

Additionally, the act outlines the contractual terms for public assistance, requiring qualifying entities to comply with various legal and reporting obligations. It mandates that the department submit an annual report detailing the public assistance provided, the types of services being offered, and any recommended changes to ensure the proper safeguarding of public funds. The act's provisions will take effect only if a constitutional amendment is certified, allowing for the donation of public funds to private entities for public purposes.