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F I S C A L I M P A C T R E P O R T

SPONSOR R. Martinez

ORIGINAL DATE

LAST UPDATED

2/13/07

HB

SHORT TITLE Rio Arriba Community Planning Assistance

SB 838

ANALYST Propst

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

$75.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

Department of Finance and Administration (DFA)

SUMMARY

Synopsis of Bill

Senate Bill 838 appropriates $75.0 for community development planning assistance in Rio

Arriba County.

FISCAL IMPLICATIONS

The appropriation of $75.0 contained in this bill is a recurring expense to the General Fund. Any

unexpended or unencumbered balance remaining at the end of FY08 shall revert to the General

Fund.

SIGNIFICANT ISSUES

Funds provided by SB 838 are to go to a new community development corporation being formed

to work on community development projects in Rio Arriba County. Community development

corporations, or CDCs, fill the gap between the private sector and the public sector. Active

CDCs exist in places such as Albuquerque, Mora County, Taos, Silver City, and Santa Fe.

Workforce housing is an example of the kind of product effectively delivered by a CDC.

WEP/mt