NJ A4571

Expands the definition of "local government unit" to include entities authorized to receive federal hazard mitigation funds under the STORM Act (Safeguarding Tomorrow Through Ongoing Risk Mitigation Act)

Authorizes the New Jersey Infrastructure Bank to guarantee loans for hazard mitigation and resilience projects, in addition to its existing authority for wastewater, water supply, transportation, aviation, and marine projects

Sets maximum loan maturity periods of 30 years for environmental infrastructure and hazard mitigation projects, 45 years for combined sewer overflow projects, and 31 years for transportation, aviation, and marine projects

Allows the Infrastructure Bank to provide loans to local government units for establishing programs that offer loan funds to private property owners for hazard mitigation projects (wind retrofit, flood mitigation, floodproofing, fire retrofit), with graduated loan forgiveness based on household income levels

Requires local governments providing hazard mitigation loans to private property owners to offer full loan forgiveness for households at 50-80% of median income and 50% forgiveness for households at 80-100% of median income