NJ A5623

Authorizes the New Jersey Infrastructure Bank to spend up to $53,450,000 in Fiscal Year 2026 to provide low-interest loans to local governments for 17 transportation infrastructure projects, including bridge replacements, road improvements, and street redesigns across municipalities like Bayonne, Hoboken, Princeton, and Essex County

Allows up to $1,000,000 in principal-forgiveness financing loans for planning and design costs, with up to $100,000 forgiven per borrower when at least $250,000 is financed through project completion

Permits the bank to increase loan amounts to cover capitalized interest, bond issuance expenses, reserve capacity costs, and loan origination fees beyond the base project amounts

Loans must be repaid within 31 years, bear interest at or below the bank's bond rate, and project sponsors must execute loan agreements before July 1, 2026, when the authorization expires

Appropriates funds from the General Fund for the Disaster Relief Emergency Financing Program to provide short-term loans for transportation projects approved by the Commissioner of Transportation