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Bill

S 4217

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

2026-2027 Regular Session Introduced by Raj Mukherji and 1 co-sponsor

NJIB may provide loans in FY2027 to fund CHAMP hazard mitigation projects, offering financing to local entities to improve community resilience.

Approved P.L.2026, c.35.
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Bill Summary · S 4217

Summary of Bill: S 4217 (New Jersey, Session 222)

Title

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

Co-sponsor: Raj Mukherji

Purpose and Intent

  • The bill authorizes the New Jersey Infrastructure Bank (NJIB) to use specified funds in order to make loans for projects funded under the Community Hazard Assistance Mitigation Program (CHAMP) for Fiscal Year 2027.
  • The core aim is to provide financing support to community hazard mitigation projects—programs designed to reduce vulnerability to natural hazards and enhance resilience, particularly at the local level.

Key Provisions and Changes

  • Funding Authority for FY2027: The bill explicitly authorizes the NJIB to expend certain sums to issue loans for CHAMP projects during Fiscal Year 2027. This creates a dedicated financing pathway for eligible mitigation projects within the stated fiscal year.
  • NJIB Role and Operations: The bill reinforces the NJIB’s authority to extend loans for CHAMP projects, presumably under existing statutory frameworks governing NJIB lending activities, but targeted to CHAMP as the recipient program.
  • Scope of Projects: While the bill references CHAMP, it implies support for projects that fall under hazard mitigation and resilience improvement activities. Specific eligible project types are not enumerated in the summary, but would align with CHAMP standards and NJIB lending criteria.
  • Timeline: Funding authorization is specifically tied to Fiscal Year 2027, indicating a one-year window for issuing loans under this provision. This may be subject to renewal or revision in subsequent legislation or appropriations.
  • Sponsorship: The bill lists Raj Mukherji as a co-sponsor, indicating legislative support within the sponsor’s caucus.

Affected Parties

  • Local Governments and Communities: Municipalities, counties, or eligible entities seeking CHAMP-supported hazard mitigation projects would be recipients of NJIB loans.
  • New Jersey Infrastructure Bank: Authorized to expend funds and manage loan programs for CHAMP projects in FY2027, including underwriting, disbursement, and compliance with loan terms.
  • State Budget/Financing Authorities: The bill interacts with appropriations and the state's approach to financing hazard mitigation, potentially affecting capital planning and debt issuance.

Procedural and Timeline Considerations

  • Fiscal Year 2027 Focus: The authorization is time-bound to FY2027, signaling the need for timely program design, application, and loan closing activities within that year.
  • Implementation Details Pending: The summary does not specify interest rates, loan terms, repayment schedules, eligible project criteria, or application processes. Those details would typically be established by NJIB policies, implementing regulations, or accompanying statutes.
  • Potential for Renewal: It is unclear whether the authorization is a one-time FY2027 provision or could be renewed in future sessions; readers should monitor for subsequent legislation or budgetary actions.

Potential Impact

  • Enables targeted financing to accelerate community hazard mitigation efforts, potentially improving resilience to floods, storms, and other natural hazards.
  • Provides a structured funding channel via the NJIB, which could streamline project finance for eligible CHAMP initiatives.
  • May influence local capital planning by offering affordable loan options for mitigation projects, subject to terms set by the NJIB and state law.

If you’d like, I can add a glossary of terms (e.g., CHAMP, NJIB) or compare this bill to prior CHAMP-related financing measures.

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

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