The bill amends New Jersey law to enhance the definitions and scope of infrastructure projects, particularly focusing on aviation and marine projects. It clarifies that "aviation projects" encompass the development or improvement of airport facilities, while "marine projects" relate to public port or terminal facilities. The definition of "local government unit" is expanded to include a wider range of entities authorized to construct and maintain infrastructure systems, such as wastewater treatment and water supply facilities. Additionally, the bill establishes a "Community Hazard Assistance Mitigation Program" under the New Jersey Infrastructure Bank to fund hazard mitigation and resilience projects, allowing the bank to issue bonds and provide loans while ensuring compliance with existing laws.

Moreover, the bill streamlines the issuance and management of bonds for environmental infrastructure projects, making these financial instruments negotiable under New Jersey law and allowing the trust to issue bonds without state agency consent. It establishes two special funds for short-term loans for clean water, drinking water, and transportation projects, with eligibility based on a project priority list. The bill also amends the "Disaster Relief Emergency Financing Program Fund" to include subaccounts for environmental and transportation projects, ensuring oversight through project certification. Additionally, it creates the Community Hazard Mitigation Assistance Program Revolving Loan Fund to provide financial assistance for hazard mitigation projects, including a graduated loan forgiveness program for low- to moderate-income households.

Statutes affected:
Introduced: 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4
Advance Law: 58:11B-3, 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4
Pamphlet Law: 58:11B-3, 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4