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 General Assembly
- Passed Senate
- 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. Specifically, it supports the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2027, which is based on a federal program called the STORM Act. The NJIB can use loan repayments and other bank revenues to fund these projects and cover its own operating expenses. This bill is identical to a Senate bill currently under consideration.
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