NM Approves $15M Film Loan

New Mexico – The State Investment Council is making a $15 million loan for "The Resident," a film starring Oscar-winning actress Hilary Swank.

Swank plays a doctor who moves into an apartment only to discover the landlord is obsessed with her.

The film is expected to be released next year. Nearly 200 New Mexicans worked as crew members during 30 days of photography in the state, which finished in July.

As approved on Tuesday, the loan calls for the state to get 18 percent of revenues after the film breaks even. The loan accounts for 80 percent of film production costs and must be repaid within three years.

The loan goes to Spitfire Holdings Inc., of Beverly Hills, which is affiliated with London-based Hammer Films.

Copyright 2009 The Associated Press.