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NJ A5858
Bill
Status
6/19/2025
Primary Sponsor
William Sampson
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AI Summary
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Authorizes the New Jersey Infrastructure Bank to expend up to $6,813,000 in low-interest loans to local government units for hazard mitigation and resilience projects under the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2026
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Funds three specific projects: Jersey City McGovern Park Resilience ($1,360,000 loan), Highlands Borough Flood Mitigation and Green Infrastructure ($4,413,000 loan), and Brick Township Reservoir Resilient Infrastructure Improvements ($1,040,000 loan)
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Loans must be repaid within 30 years of project completion and cannot exceed the allowable project cost, excluding administrative expenses and fees
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Permits the bank to increase lending capital using interest earned on loans, loan origination fees, and other CHAMP-related revenues
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The authorization expires on July 1, 2026, and project sponsors must execute loan agreements with the bank before that date to remain eligible
Legislative Description
Authorizes NJ Infrastructure Bank to expend certain sums to make loans for Community Hazard Assistance Mitigation Program projects for FY2026.
Substituted by another Bill
Last Action
Substituted by S4511
6/30/2025