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Bill > A2285

NJ A2285

NJ A2285
Establishes fund for DEP for Blue Acres acquisition and relocation projects; appropriates $25 million.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill establishes the Blue Acres Buyout Fund (hereinafter referred to as the "fund") as a nonlapsing, revolving fund in the Department of Environmental Protection and appropriates $25 million from the General Fund for the purposes of the fund. The fund would be administered by the Department of Environmental Protection (DEP) to be used for relocation assistance for homeowners and tenants displaced by a Blue Acres acquisition, to acquire flood prone property under the Blue Acres program, and for administrative costs associated with the program. No more than five percent of the total annual revenue allocated to the fund in each fiscal year may be used by the DEP for administrative costs.

AI Summary

This bill establishes the Blue Acres Buyout Fund, a non-lapsing, revolving fund in the Department of Environmental Protection (DEP), and appropriates $25 million from the General Fund for the fund. The fund will be used by the DEP for relocation assistance for homeowners and tenants displaced by Blue Acres acquisitions, as well as to fund the acquisition of flood-prone properties under the Blue Acres program. The bill limits administrative costs to no more than 5% of the fund's annual revenue.

Committee Categories

Agriculture and Natural Resources

Sponsors (7)

Last Action

Introduced, Referred to Assembly Environment, Natural Resources, and Solid Waste Committee (on 01/09/2024)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A2285
BillText https://pub.njleg.gov/Bills/2024/A2500/2285_I1.HTM
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