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Bill

A 5194

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for Community Hazard Assistance Mitigation Program projects for FY2027.

2026-2027 Regular Session

NJIB is authorized to provide FY2027 loans to support Community Hazard Mitigation Program projects, expanding access to affordable financing for local resilience efforts.

Substituted by S4217
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WeVote Research Nonpartisan
Bill Summary · A 5194

Overview

New Jersey Assembly Bill A-5194 (Session 222) authorizes the New Jersey Infrastructure Bank (NJIB) to expend specified funds to make loans for Community Hazard Mitigation Program projects during Fiscal Year 2027 (FY2027).

Purpose and Intent

  • To provide funding via the NJIB for loan financing to support Community Hazard Mitigation Program (CHMP) projects.
  • Aims to enhance local hazard mitigation efforts, resilience, and preparedness by enabling affordable financing for municipalities and eligible entities.

Key Provisions

  • Authorization to expend certain sums from NJIB resources specifically for making loans related to CHMP projects.
  • Timing: Applies to FY2027, detailing that the appropriated or authorized funds may be used during that fiscal year for loan issuance.
  • Scope of financing: Loans are designated for CHMP projects, though the bill text (not provided here) would define eligible project types, terms, and borrower eligibility within the CHMP framework.
  • Jurisdictional control: The NJIB remains the lender, with oversight and coordination likely through the bank and relevant state authorities overseeing CHMP activities.

Affected Entities and Beneficiaries

  • Municipalities, counties, and other local government entities or institutions eligible for CHMP funding.
  • Project sponsors seeking hazard mitigation investments to reduce risks from natural hazards, flooding, severe weather, and related threats.
  • Potentially, contractors and engineering firms involved in CHMP project delivery, which may benefit indirectly through project activity and financing options.

Financial and Procedural Details

  • Funding mechanism: Loan financing provided by the NJIB using designated funds for CHMP projects.
  • Fiscal year constraint: The authorization is tied to FY2027, indicating a one-year window for loan commitments under this bill (subject to any subsequent amendments or renewals in future sessions).
  • Terms and conditions: The bill would typically specify loan terms (interest rate structure, repayment period, collateral, eligibility criteria), though exact details require the bill’s text.

Potential Impact

  • Increases access to low-interest or otherwise favorable financing for community hazard mitigation projects.
  • Accelerates resilience investments at the local level by providing a designated funding stream through the NJIB.
  • May influence project pipelines for CHMP initiatives, enabling faster planning and implementation.

Timeline and Next Steps

  • If enacted, eligible CHMP projects could apply for NJIB-backed loans in FY2027.
  • The bill would interact with existing CHMP guidelines, NJIB policies, and state budget processes to determine funding levels and administration.

Notes

  • This summary reflects the bill’s stated objective to authorize NJIB expenditures for CHMP-related loans in FY2027. For complete understanding, the text of A-5194 (including definitions of “Community Hazard Mitigation Program,” eligibility criteria, loan terms, and any reporting requirements) should be reviewed.

Compiled from official sources — confirm details with the bill’s official record.

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