Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.
Impact
S376 is designed to promote public safety by incentivizing homeowners to elevate properties that are at risk of flooding, which could potentially lead to decreased damage from flood events in the future. To ensure fairness in the funding process, the bill requires that counties agree to provide matching funds equivalent to the state’s contribution. This not only encourages local investment in flood prevention measures but also fosters collaboration between state and local governments.
Summary
Bill S376 aims to establish a dedicated 'Flood Protection and Home Elevation Fund' within the New Jersey Department of Environmental Protection. This fund is intended to assist homeowners with elevating their homes to reduce the risks associated with flooding. The bill proposes that homeowners can receive reimbursement for up to 25 percent of the annual interest payments on loans taken for home elevation projects, capped at $750. To qualify for this reimbursement, homeowners must first obtain the necessary state and local zoning approvals before applying for funding.
Contention
While supporters of S376 emphasize the bill's importance for enhancing community resilience against flooding, critics may argue about funding allocations and the responsibilities placed on counties to provide matching funds. Additionally, there could be concerns about the adequacy of the proposed cap on reimbursements, and whether it sufficiently addresses the financial burdens on homeowners undertaking significant renovation projects. Furthermore, critics may discuss the implications of these provisions on local control over funding and project approvals.
Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.
Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.
Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.
Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.
Allocates $10 million of constitutionally dedicated CBT revenues for grants for certain lake management activities for recreation and conservation purposes.
Requires establishment and implementation, in certain circumstances, of wildlife management plans for open space and farmland, and authorizes use of constitutionally dedicated CBT revenues to finance activities undertaken pursuant to such plans.
Requires establishment and implementation, in certain circumstances, of wildlife management plans for open space and farmland, and authorizes use of constitutionally dedicated CBT revenues to finance activities undertaken pursuant to such plans.
Requires SADC and any local board acquiring farmland for preservation purposes to provide partial payment to landowner, in advance of settlement, to demonstrate good faith intent to proceed with settlement and acquisition.
Authorizes State Agriculture Development Committee to maintain and use its own list of property appraisers, or to employ dedicated pool of property appraisers, or both, to facilitate valuation of land for farmland preservation purposes.
Changes certain allocations and amounts of constitutionally dedicated CBT revenues for Fiscal Year 2026 and thereafter; authorizes Garden State Preservation Trust and local governments to acquire lands in urban areas for agricultural or horticultural purposes.