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New Mexico C-PACE financing guidance

New Mexico C-PACE financing

New Mexico C-PACE combines state authority, a local ordinance and privately arranged financing for eligible property improvements. The Economic Development Department (EDD) has contracted Adelante Consulting Inc. as statewide program administrator to receive, process and certify applications. Use info@nmcpace.com and the official program route to establish local availability before developing a transaction. EDD program and contact page

Local evidence first. Financing availability is not assumed.

History, adoption and launch

EDD traces initial legislation to 2009. The Improvement Special Assessment Act, HB 228, was signed 5 April 2023 as Chapter 150, replacing the older framework. The legislature's record includes the final text. State authorization does not substitute for a participating county ordinance. Official bill history

EDD's October 2024 project announcement describes a program launched in 2023, identifies Santa Fe County's first transaction and names Bernalillo County/Albuquerque adoption at that time. Those historical facts are not an exhaustive 2026 local-program list. EDD announcement

Eligible property and work

The state overview includes privately owned commercial, agricultural, industrial and qualifying multifamily property with five or more dwelling units, including nonprofit ownership. Improvements span energy efficiency, renewable energy, water efficiency and resilience. Confirm the parcel's local program, proposed measures and application evidence with the administrator. EDD eligibility overview

The final 2023 act requires written consent from holders of liens, mortgages or security interests before an assessment agreement. Its priority rule excludes general property-tax liens and improvement-district liens coequal with them. The recorded assessment runs with the land; specified future installments survive the described assessment/tax foreclosure events. The assignee is responsible for billing, collecting and enforcing the assessment—not an assumed ordinary property-tax bill. The act calls for a guidebook with a financing term no longer than 30 years. Final HB 228, sections 4, 5 and 9

Application process

Establish local adoption, property eligibility, the proposed technical scope and a private capital provider. The act requires project certification and administrator confirmation before the county executes the special assessment; the county records the lien and assignment. Owners should obtain transaction-specific advice on fees, repayment, prepayment, default and sale/refinancing rather than treating program approval as financial advice. Final enacted framework

Documented projects

  • Bishop's Lodge Auberge Resort, Santa Fe County: EDD's 28 October 2024 announcement reports a closed $76.2 million loan through Nuveen Green Capital. The listed scope includes lighting, HVAC, insulation, low-flow plumbing, wastewater reclamation and landscaping. Closing is verified by the state announcement; construction completion and the estimated energy/water savings are not independently established. EDD release
  • United World College USA, San Miguel County: the administrator's current homepage announces the county's first transaction at the campus. The readable banner does not supply an amount or transaction date. Keep this a partial project lead, not a fully qualified case study. Administrator homepage

Local verification: ordinance, resilience certification and code baseline

Confirm the applicable county ordinance and parcel boundaries with EDD's administrator; historical Santa Fe/Bernalillo/Albuquerque adoption references are not a complete current coverage map. The enacted framework lists resilience measures including flood/stormwater, air quality, storage and fire/wind protection, but a project's local risk does not itself make its cost eligible. EDD program route, Final HB 228, definitions

Section 4 requires professional certification for existing-property resilience improvements. For new construction it requires certification that the proposed qualifying improvements exceed the applicable building-code requirements in the relevant energy, water or resilience category. Confirm the actual code edition, permit authority and design evidence; this packet does not supply parcel-specific permitting or a statewide hazard map. Final HB 228, section 4

Additional verification limits

Items requiring further confirmation: Final HB 228 2023 directly read and captured; not exhaustive subsequent-amendment audit. Full current guide/local census, telephone discrepancy, retroactive/fees/limits, UWC documentation and site code/permits.

Continue your project research

Compare the national C-PACE financing structure; Organize state and local project requirements; Prepare a commercial-building improvement scope. This page provides guidance only; it does not accept an application or submit information to a provider.

References

  1. edd.newmexico.gov (n.d.) EDD program route. Available at: https://edd.newmexico.gov/programs-and-services/c-pace/ (Accessed: 2026-10-28 UTC). Only claims attached to this source in the named draft; not an exhaustive legal or operational certification. readable_source_reviewed
  2. www.nmlegis.gov (n.d.) Official bill history. Available at: https://www.nmlegis.gov/Legislation/Legislation?Chamber=H&LegNo=228&LegType=B&year=23 (Accessed: 2026-10-28 UTC). Only claims attached to this source in the named draft; not an exhaustive legal or operational certification. readable_source_reviewed
  3. edd.newmexico.gov (n.d.) EDD release. Available at: https://edd.newmexico.gov/wp-content/uploads/2024/10/c-PACE-Bishops-Lodge.pdf (Accessed: 2026-10-28 UTC). Only claims attached to this source in the named draft; not an exhaustive legal or operational certification. readable_source_reviewed
  4. www.nmlegis.gov (n.d.) Final HB 228, section 4. Available at: https://www.nmlegis.gov/Sessions/23%20Regular/final/HB0228.pdf (Accessed: 2026-10-28 UTC). Only claims attached to this source in the named draft; not an exhaustive legal or operational certification. readable_source_reviewed
  5. sites.google.com (n.d.) Administrator homepage. Available at: https://sites.google.com/adelanteconsulting.com/nm-cpace/home (Accessed: 2026-10-28 UTC). Only claims attached to this source in the named draft; not an exhaustive legal or operational certification. readable_source_reviewed

Written by VERADUCT Editorial. Herve Drompt, VERADUCT Owner — publication authorized; not professional or legal review. Page version 1.0.1. Publication authorization is not professional, legal or scientific peer review.