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NJ A5124
Bill
Status
12/9/2024
Primary Sponsor
Lisa Swain
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AI Summary
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Adds three new hazard mitigation projects to the FY 2025 Community Hazard Assistance Mitigation Program (CHAMP) eligibility list: Brick Township Municipal Utilities Authority's reservoir resilience improvements, Rochelle Park Township's building elevations project, and Highlands Borough's flood mitigation and green infrastructure project
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Increases the total authorized loan amount from $7,198,045 to $13,813,000, allowing the NJ Infrastructure Bank to fund nine projects instead of the original six
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New project loans include $1,040,000 for Brick Township, $360,000 for Rochelle Park Township elevations, and $4,413,000 for Highlands Borough flood mitigation
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Total estimated project costs across all nine approved projects increases from $31,120,985 to $54,458,443
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Loan eligibility and authorization expires on July 1, 2025, requiring project sponsors to execute loan agreements with the bank before that date
Legislative Description
Amends list of hazard mitigation and resilience projects approved for funding by NJ Infrastructure Bank under FY2025 Community Hazard Assistance Mitigation Program.
Substituted by another Bill
Last Action
Substituted by S3880
12/19/2024