The bill amends existing laws governing the New Jersey Infrastructure Bank (NJIB) to create a "Community Hazard Assistance Mitigation Program" 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, with the stipulation that each loan to local government units must be backed by notes, bonds, or other obligations approved by the Director of the Division of Local Government Services. Key changes include extending the maximum maturity period for certain financial instruments from 2033 to 2053 and clarifying eligible projects, such as onsite wastewater treatment and stormwater management systems.

Additionally, the bill introduces provisions to enhance the NJIB's financing capabilities, allowing loans to private individuals for specific environmental projects and establishing new funds for short-term loans related to clean water, transportation, and disaster relief. It mandates that all loans, except for short-term ones, require State Treasurer approval and specifies that projects must be listed on project priority lists submitted to the Legislature. The bill also restructures short-term loans to have a uniform duration of five years and allows for variable interest rates, ensuring that funding processes for critical infrastructure and environmental projects are streamlined while maintaining oversight and accountability.

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