Bill > S4511

This bill authorizes the New Jersey Infrastructure Bank (the Bank) to spend up to $6,813,000 in fiscal year 2026 to provide loans for three specific community hazard mitigation and resilience projects through the Community Hazard Assistance Mitigation Program (CHAMP). The three projects are located in Jersey City (McGovern Park Resilience), Highlands Borough (Flood Mitigation and Green Infrastructure), and Brick Township (Reservoir Resilient Infrastructure Improvements). The bill specifies that these loans must be repaid within 30 years, cannot exceed the project's allowable costs, and will bear interest according to terms set in the CHAMP financial plan. The Bank is authorized to adjust loan amounts as needed, use various funding sources like interest earnings and loan origination fees to support the program, and utilize funds from its operations to cover administrative expenses. The bill provides detailed provisions for loan certification, eligibility, and terms, with all project authorizations expiring on July 1, 2026. The legislation aims to support local government units in implementing critical infrastructure resilience and hazard mitigation projects by providing accessible financing options.