Bill > A5298

This bill requires the Department of Environmental Protection (DEP) and the New Jersey Infrastructure Bank (I-Bank) to prioritize principal forgiveness on environmental infrastructure project loans for municipalities located in coastal areas. Principal forgiveness is a financial benefit where a portion of a loan's principal is waived, effectively reducing the total amount the borrower must repay. The bill defines a "coastal area" using an existing legal definition from a 1973 law. This change aims to provide additional financial support to municipalities in coastal regions, which may face unique infrastructure challenges due to their geographic location. The I-Bank's Water Bank program provides low-interest loans for wastewater and drinking water projects, and this bill ensures that coastal municipalities will receive preference when loans include principal forgiveness. By prioritizing these areas, the bill recognizes the potential additional infrastructure needs and financial constraints of coastal communities, potentially making critical environmental infrastructure projects more affordable and feasible for these local governments.

Agriculture and Natural Resources

https://www.njleg.state.nj.us/bill-search/2024/A5298