The bill amends existing laws governing the New Jersey Infrastructure Bank (NJIB) to establish the "Community Hazard Assistance Mitigation Program" (CHAMP), which aims to fund hazard mitigation and resilience projects by state and local government units, as well as nonprofit organizations, in accordance with the STORM Act. The NJIB is granted the authority to issue bonds and provide loans for these projects, with specific requirements for loan approval by the Director of the Division of Local Government Services. Additionally, the bill extends the maximum maturity period for certain bonds and obligations from 2033 to 2053 and allows the NJIB to issue bonds without needing consent from other state departments, provided it meets certain conditions.

Moreover, the bill introduces special funds for both environmental and transportation projects, allowing the NJIB to make loans to private individuals and local government units for onsite wastewater treatment and stormwater management systems. It establishes the "Interim Environmental Financing Program Fund" and the "Interim Transportation Financing Program Fund" for short-term loans, with a uniform loan duration of five years. The bill also mandates that project sponsors must be listed on project priority lists to be eligible for loans and requires annual reporting to the Legislature on financing provided through these programs. Overall, these amendments aim to enhance the NJIB's capacity to support critical infrastructure projects while streamlining the loan process.

Statutes affected:
Introduced: 58:11B-5, 58:11B-6, 58:11B-9, 58:11B-9.5, 58:11B-10.8, 58:11B-20.4