New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S376

Introduced
1/9/24  

Caption

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.

Companion Bills

NJ S231

Carry Over Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.

Similar Bills

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Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.

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