Bill > S4091

This bill requires the New Jersey Department of Environmental Protection (DEP) and the New Jersey Infrastructure Bank (I-Bank) to prioritize principal forgiveness for environmental infrastructure project loans to municipalities located in coastal areas. Principal forgiveness is a financial incentive where a portion of a loan's principal balance is eliminated, reducing the total amount the borrower must repay. The bill defines "coastal area" using the existing definition in state law, which typically refers to areas near the ocean, bays, and other coastal waterways. The legislation builds upon the existing Water Bank program, which provides low-interest loans to support wastewater and drinking water projects throughout the state. By giving priority to coastal municipalities, the bill acknowledges the unique infrastructure challenges these communities may face, such as environmental vulnerabilities and potential infrastructure degradation due to coastal conditions. The change aims to provide additional financial support to municipalities in these potentially more environmentally sensitive regions, making it easier and more affordable for them to undertake critical environmental infrastructure improvements.

Agriculture and Natural Resources

https://www.njleg.state.nj.us/bill-search/2024/S4091