Bill > A5124

This bill amends the existing law to expand the Community Hazard Assistance Mitigation Program (CHAMP) by increasing the total funding from $7,198,045 to $13,813,000 and adding three new infrastructure resilience projects to the existing six-project list. The new projects include a reservoir infrastructure improvement project in Brick Township, a second project in Rochelle Park Township focused on property elevations, and a flood mitigation and green infrastructure project in Highlands Borough. The bill authorizes the New Jersey Infrastructure Bank (NJIB) to provide low-interest loans to these project sponsors, with loan terms allowing repayment up to 30 years after project completion. The legislation builds upon the STORM Act (Safeguarding Tomorrow through Ongoing Risk Mitigation Act) and continues the state's efforts to support local government units in developing infrastructure that can better withstand environmental challenges and natural disasters. The bill maintains existing provisions about loan certification, project eligibility, and financial management, and includes provisions that allow the NJIB to adjust loan amounts based on final building costs, capitalize interest, and add origination fees as needed.

Agriculture and Natural Resources, Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A5124