This bill amends the definitions of "Blue Acres cost" and "Blue Acres project" within the Preserve New Jersey Act, which governs the allocation of constitutionally dedicated corporation business tax (CBT) revenues for land preservation. The amendments specifically allow for the inclusion of housing counseling expenses and the provision of direct payments, advances, or bridge loans to households for relocation expenses as allowable uses of CBT funding under the Blue Acres program. Additionally, the definition of "Blue Acres project" is expanded to encompass the relocation of residents through various property interest transfer methods, such as sale commitment letters and leasebacks, thereby facilitating a smoother transition for residents while the State acquires flood-prone properties.

Furthermore, the bill stipulates that demolition and restoration activities related to the Blue Acres program can be executed through direct contracts with service providers without needing approval from the Division of Property Management and Construction in the Department of the Treasury. It also clarifies that the preservation of land may incorporate nature-based infrastructure solutions, including bioswales and living shorelines, enhancing the program's capacity to address environmental challenges while supporting community needs.

Statutes affected:
Introduced: 13:8C-45