summary
Introduced
06/13/2024
06/13/2024
In Committee
06/24/2024
06/24/2024
Crossed Over
12/19/2024
12/19/2024
Passed
12/19/2024
12/19/2024
Dead
Signed/Enacted/Adopted
01/30/2025
01/30/2025
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act concerning the authority of the New Jersey Infrastructure Bank and amending P.L.1985, c.334, P.L.2013, c.93, and P.L.2023, c.63.
AI Summary
This bill makes various changes to the powers and duties of the New Jersey Infrastructure Bank, expanding its capabilities to provide financial assistance for infrastructure and hazard mitigation projects. The bill broadens the bank's existing environmental and transportation infrastructure financing programs by establishing a new Community Hazard Assistance Mitigation Program to fund resilience and hazard mitigation projects for state entities, local governments, and nonprofit organizations. Key provisions include allowing the bank to provide loans and other financial assistance for projects addressing risks from terrorism, natural disasters, and climate-related emergencies, with special provisions for supporting private property owners through local government loan programs. The bill also includes graduated loan forgiveness options for homeowners based on their income levels, and allows the bank to supplement existing federal resilience grant programs. Additionally, the bill updates the bank's bonding and lending authorities, including extending the bank's ability to issue bonds and make loans until June 30, 2053, and providing more flexible terms for short-term and emergency financing of infrastructure projects across environmental, transportation, and hazard mitigation sectors.
Committee Categories
Agriculture and Natural Resources
Sponsors (6)
Clinton Calabrese (D)*,
Gordon Johnson (D)*,
Yvonne Lopez (D)*,
Anthony Verrelli (D)*,
Andrew Zwicker (D)*,
Carol Murphy (D),
Last Action
Approved P.L.2025, c.14. (on 01/30/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A4571 |
BillText | https://pub.njleg.gov/Bills/2024/PL25/14_.HTM |
BillText | https://pub.njleg.gov/Bills/2024/AL25/14_.HTM |
BillText | https://pub.njleg.gov/Bills/2024/A5000/4571_R2.HTM |
Analysis - Statement Senate 12/19/24 1R | https://pub.njleg.gov/Bills/2024/A5000/4571_S2.PDF |
BillText | https://pub.njleg.gov/Bills/2024/A5000/4571_R1.HTM |
Analysis - Statement AAP 6/24/24 | https://pub.njleg.gov/Bills/2024/A5000/4571_S1.PDF |
BillText | https://pub.njleg.gov/Bills/2024/A5000/4571_I1.HTM |
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