The bill amends the laws governing the New Jersey Infrastructure Bank (NJIB) to create a "Community Hazard Assistance Mitigation Program" (CHAMP) aimed at funding hazard mitigation and resilience projects by state and local governments, as well as nonprofit organizations. It grants the NJIB the authority to issue bonds and provide loans for these projects, with a requirement that all loans, except for short-term or temporary ones, receive approval from the State Treasurer. The bill also extends the maximum maturity period for certain bonds and obligations to June 30, 2053, and clarifies that these financial instruments will not constitute a debt or liability of the state or its political subdivisions.

Additionally, the bill introduces special funds for both environmental and transportation projects, allowing for short-term loans and establishing a project priority list for funding eligibility. It mandates that the Interim Transportation Financing Program Project Priority List be submitted annually and allows for revisions up to four times a fiscal year. The bill also includes provisions for emergency short-term loans for local government units and introduces a graduated loan forgiveness program for private property owners engaged in hazard mitigation projects. Overall, these amendments aim to enhance the NJIB's financing capabilities and improve the efficiency of funding critical infrastructure projects in New Jersey.

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