The bill amends existing legislation to enhance funding for environmental infrastructure projects in New Jersey, specifically under the FY2025 environmental infrastructure funding program. It empowers the Department of Environmental Protection (DEP) to utilize various funding sources, including the Clean Water State Revolving Fund and the Drinking Water State Revolving Fund, to support loans and technical assistance for clean water and drinking water projects. The bill introduces provisions for zero-interest and principal-forgiveness loans, particularly targeting disadvantaged communities, and allocates up to $60 million for principal forgiveness and grants for planning and design costs. It also establishes a framework for principal forgiveness loans for combined sewer overflow (CSO) projects, with varying amounts based on project costs and borrower affordability.

Additionally, the bill allows for adjustments to the lists of eligible projects and loan amounts, authorizing the commissioner to modify loan amounts by up to 10 percent based on additional project costs. The total appropriated amount for the DEP is set at up to $2.47 billion, supporting 227 eligible projects, including 152 clean water and 67 drinking water projects. Key amendments include clarifying funding sources for loans and specifying that eligibility lists will expire on July 1, 2025. The bill aims to streamline the financing process for critical water infrastructure projects while ensuring compliance with federal and state regulations.