6-31A-6: Project funding awards; process; terms.

A. Priority shall be given to projects that:

(1) create high-quality, high-wage jobs in New Mexico;

(2) when applicable, have higher percentages of matching funds from non-public entities;

(3) demonstrate strong potential for commercialization in a target sector;

(4) support the growth of New Mexico-based companies;

(5) benefit communities that are rural or in an Indian nation, tribe or pueblo; and

(6) provide opportunities for broad regional participation.

B. Awards of project funding shall:

(1) allow for multiyear project periods aligned with federal or private sector grant or other non-state funding opportunity time lines;

(2) permit pre-award project spending by applicants when necessary to meet non-state grant application deadlines; provided that applicants shall use non-state funding or other institutional funding for pre-award spending; and

(3) provide that a certain amount of the funding may be used for an applicant's administrative costs to implement the project.