The bill amends New Jersey law to enhance definitions and provisions related to infrastructure projects, particularly in aviation, marine, and environmental sectors. It introduces a new definition for "Aviation project," which includes the development or improvement of airport facilities, and expands the "Marine project" definition to cover public port or terminal facilities. A significant addition is the establishment of a "Community Hazard Assistance Mitigation Program" under the New Jersey Infrastructure Bank, which will fund hazard mitigation and resilience projects in alignment with the STORM Act. The bill also outlines the powers of the Infrastructure Bank, allowing it to issue bonds and provide loans to local governments and nonprofits for financing these projects, while ensuring compliance with existing laws.

Additionally, the bill creates two special funds—the "Interim Environmental Financing Program Fund" and the "Interim Transportation Financing Program Fund"—to provide short-term loans for clean water, drinking water, and transportation projects. It amends the "Disaster Relief Emergency Financing Program Fund" to include subaccounts for environmental and transportation projects, specifying funding sources and allowing the trust to issue bonds for emergency loans. The bill streamlines the process for disbursing loans for infrastructure projects following a state of emergency, with the Department of Environmental Protection and the Department of Transportation certifying project costs. It also establishes the Community Hazard Mitigation Assistance Program Revolving Loan Fund, which includes a graduated loan forgiveness program for private property owners based on income levels, ensuring effective financial assistance for hazard mitigation efforts.

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