Authorizes NJ Infrastructure Bank to provide loans for hazard mitigation projects for FY2027.
The bill authorizes the New Jersey Infrastructure Bank (NJIB) to provide up to $13,093,000 in low-interest loans to local government units for four specific hazard mitigation and resilience projects. These projects are part of the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2027. The NJIB can use various funds, including loan repayments and interest, to support these projects. The loans are subject to certain conditions and must be repaid within 30 years of project completion or loan issuance.
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