The proposed bill establishes the Flood Protection and Home Elevation Fund within the New Jersey Department of Environmental Protection, allocating up to $5 million annually from realty transfer fee revenue to support home elevation projects aimed at mitigating flooding risks. Homeowners can receive reimbursement for 25% of their annual interest payments on loans taken for these projects, capped at $750, provided that the county where the project occurs matches the funds. To qualify for reimbursement, homeowners must secure necessary zoning and land use approvals, complete the elevation project, and submit proof of completion. Additionally, homeowners can reapply for reimbursement each year they pay interest on their loans.

The bill also amends existing legislation to include home elevation projects as an eligible purpose for county trust funds, allowing counties to raise taxes for this purpose through voter-approved propositions. It specifies that counties may use a portion of the realty transfer fee revenue to provide matching funds for home elevation projects. Furthermore, the bill mandates that up to $5 million be allocated to the Flood Protection and Home Elevation Fund only after $25 million is credited to the Shore Protection Fund and $5 million to the Highlands Protection Fund, as required by current law. It also requires counties to establish a funding source, which may include the county share of the realty transfer fee or open space trust funds, before providing matching funds for home elevation projects.

Statutes affected:
Introduced: 40:12-15.1, 40:12-15.2, 46:15-8, 46:15-10.2