The NMRRC was founded under the Roosevelt administration in 1935. The NMRRC is a 501 (C) (4) nonprofit organization. This corporation receives no funding from any outside source and is completely responsible for generating its own revenue. At present the NMRRC provides low-income rurally-located home and agricultural loans. Escrow accounts are set up for the housing loans in order to pay their insurance and taxes annually. Agricultural borrowers are responsible for providing NMRRC proof of paid taxes and insurance annually on their farm property.
NMRRC has implemented a low interest Tuition Assistance Program. The purpose of the program is to provide low income rural students the opportunity to supplement any existing student loans or grants as needed to complete their education. The borrower is not required to provide any collateral for the loan; however, a creditworthy co-signer is required. Loans may only be used for actual tuition and registration fees and books, tools and equipment needed to complete the course. The student and co-signer must a New Mexico resident.
- Drew Olmsted - Executive Director
