This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $53,450,000 in Fiscal Year 2026 for low-interest loans aimed at financing 17 eligible transportation infrastructure projects undertaken by local government units. Additionally, it allows the NJIB to provide up to $1 million in principal-forgiveness financing loans for planning and design costs, with a provision for forgiving up to $100,000 of a loan for projects that secure at least $250,000 in financing through the Transportation Infrastructure Financing Program. The bill also enables the NJIB to utilize various funds, including loan repayments and capitalized interest, to support the FY2026 New Jersey Transportation Infrastructure Financing Program.

Furthermore, the bill permits the NJIB to use generated funds, such as proceeds from bond sales and investment revenues, to cover its operating expenses for FY2026. It also includes an appropriation from the General Fund to support the NJIB's activities. The overarching goal of this legislation is to enhance the financing options available for critical transportation infrastructure projects in New Jersey, thereby promoting sustainable economic development and reducing financing costs for counties and municipalities. The act is set to take effect immediately and will expire on July 1, 2026.