Subject to the State Rules Act [N.M. Stat. Ann. Chapter 14, Article 4], the department shall adopt rules and regulations for recruiting health care personnel in health care underserved areas, and shall establish a formula for distribution of financial assistance to eligible programs which shall take into account the relative needs of applicants for assistance, provided that funds may not be expended for land or facility acquisition or debt amortization and further provided that a local match of ten percent shall be required from each local recipient for each request for assistance.

Terms Used In New Mexico Statutes 24-1A-4

  • Amortization: Paying off a loan by regular installments.