Loading chat...
NJ S3880
Bill
Status
1/30/2025
Primary Sponsor
Joseph Lagana
Click for details
AI Summary
-
Authorizes the New Jersey Infrastructure Bank to expend $13,813,000 from the Community Hazard Assistance Mitigation Program Revolving Loan Fund to finance hazard mitigation and resilience projects for local government units in Fiscal Year 2025
-
Establishes the State Fiscal Year 2025 CHAMP Project Eligibility List with 9 projects totaling $54,458,443 in estimated project costs and $13,813,000 in loan amounts
-
Funded projects include flood mitigation initiatives in Jersey City ($1.36M loan), Hoboken ($1.8M loan), Highlands Borough ($4.41M loan), and Bergen County ($1.61M loan), along with property elevation projects and infrastructure improvements
-
Loans must be repaid within 30 years of project completion and cannot exceed allowable project costs, with the Bank authorized to adjust loan amounts based on final building costs and differing site conditions
-
Sets a July 1, 2025 expiration date for project eligibility, requiring project sponsors to execute loan agreements with the Bank before that deadline to remain entitled to funding
Legislative Description
Amends list of hazard mitigation and resilience projects approved for funding by NJ Infrastructure Bank under FY2025 Community Hazard Assistance Mitigation Program.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2025, c.9.
1/30/2025