Authorizes NJ Infrastructure Bank to expend certain sums to make loans for Community Hazard Assistance Mitigation Program projects for FY2027.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill allows the New Jersey Infrastructure Bank (NJIB) to provide low-interest loans to local governments for projects designed to reduce the impact of hazards like floods and storms. These loans are part of the Community Hazard Assistance Mitigation Program (CHAMP), which is funded by a state law aimed at implementing federal risk mitigation efforts. The NJIB can use loan repayments and other bank revenues to cover the costs of running the CHAMP program in fiscal year 2027. This bill is essentially a continuation of a previously established program.
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