This bill establishes the Rural Broadband Infrastructure Grant Program within the New Jersey Economic Development Authority (EDA) to provide grants aimed at expanding and improving broadband telecommunications infrastructure and services in rural areas of the state. The EDA, in consultation with the Board of Public Utilities, will administer the program, which is designed to assist qualified applicants—including corporations, non-profits, and other entities authorized to construct or repair broadband infrastructure. To qualify for the grants, applicants must demonstrate their eligibility and submit detailed project proposals, particularly focusing on unserved areas lacking adequate broadband service.

The bill allocates $2.5 million in federal funds to the EDA for the Rural Broadband Infrastructure Grant Fund, which will finance the grants. Each grant can be up to $75,000, with recipients required to contribute at least 25% of the grant's value in private capital. The EDA will prioritize applications that address unserved areas and will report on the program's progress to the Governor and Legislature within 12 months of the first grant approval. Additionally, the bill allows the EDA to adopt necessary regulations to implement the program effectively.