CHAPTER 9 An Act concerning the financing of certain hazard mitigation and resilience projects in Fiscal Year 2025 and amending P.L.2024, c.45. Be It Enacted by the Senate and General Assembly of the State of New Jersey: 1. Section 1 of P.L.2024, c.45 is amended to read as follows: 1. As used in P.L.2024, c.45, as amended by P.L.2025, c.9: "Bank" means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4). "CHAMP" means the Community Hazard Assistance Mitigation Program established pursuant to section 5 of P.L.2023, c.63 (C.58:11B-5a). "Loan origination fee" means the fee charged by the bank to pay a portion of the costs incurred by the bank in the implementation of the Community Hazard Assistance Mitigation Program. "Project sponsor" means a local government unit receiving a loan from the bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9. 2. Section 2 of P.L.2024, c.45 is amended to read as follows: 2. a. The New Jersey Infrastructure Bank is authorized to expend the aggregate sum of $13,813,000, or such amounts as can be supported through balances in the "Community Hazard Assistance Mitigation Program Revolving Loan Fund" established pursuant to section 3 of P.L.2023, c.63 (C.58:11B-10.6), including any appropriations from the Legislature, for the purpose of making loans to, or on behalf of, local government units to finance all or a portion of the cost of construction of the projects listed in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9. b. The bank is authorized to increase the aggregate sum specified in subsection a. of this section by acquiring additional lending capital. The bank is authorized to utilize the following sources of funds to acquire such lending capital or for any purpose of the Community Hazard Assistance Mitigation Program: (1) the amounts of interest earned pursuant to a loan made to a project sponsor participating in CHAMP; (2) the interest earned on amounts deposited pending their distribution to project sponsors, as provided in subsection b. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9; and (3) the amounts of the loan origination fee, as provided in subsection c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, and any other CHAMP fees. 3. Section 3 of P.L.2024, c.45 is amended to read as follows: 3. The New Jersey Infrastructure Bank is authorized to make loans to, or on behalf of, the project sponsors for the hazard mitigation and resilience projects listed in subsection a. of section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the bank pursuant to subsection a. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, or if a project fails to meet the requirements of section 5 of P.L.2024, c.45, as amended by P.L.2025, c.9. The bank is authorized to increase any such amount pursuant to subsections b. and c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9. 4. Section 4 of P.L.2024, c.45 is amended to read as follows: 4. a. The following CHAMP projects shall be known and may be cited as the "State Fiscal Year 2025 Community Hazard Assistance Mitigation Program Project Eligibility List": Applicant, Project No. Project Description Estimated Total Estimated Total Project Amount Loan Amount Jersey City, RB0906-001 McGovern Park Resilience $5,053,524 $1,360,000 Hoboken City, RB0905-001 Southwest Park Expansion $13,188,272 $1,800,000 Stafford Township, Elevations $2,532,436 $570,000 RB1531-001 Bergen County Utilities Flood Mitigation of Joint Meeting $5,993,832 $1,610,000 Authority, RB0200-UA-001 Pump Station Brick Township Municipal Brick Reservoir Resilient $3,768,155 $1,040,000 Utilities Authority Infrastructure Improvements RB1507-UA-001 Rochelle Park Township, Reconstruction of Sanitary $2,595,146 $2,140,000 RB0254-001 Sewer Pump Station Rochelle Park Township, Elevations $3,364,023 $360,000 RB0254-002 Highlands Borough Highlands and Monmouth Hills $16,205,280 $4,413,000 RB1319-001 Flood Mitigation and Green Infrastructure Marlboro Township, Nolan Road $1,757,775 $520,000 RB1330-001 Streambank Stabilization Total Projects: 9 $54,458,443 $13,813,000 b. The bank is authorized to adjust the allowable loan amount for each project authorized in this section as appropriate, provided that the total amount of loan issuance remains within available funds, and each loan is issued pursuant to the terms and conditions of the State Fiscal Year 2025 Community Hazard Assistance Mitigation Program. 5. Section 5 of P.L.2024, c.45 is amended to read as follows: 5. Any loan made by the New Jersey Infrastructure Bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9, shall be subject to the requirements of this section. a. The chairperson, vice-chairperson, or secretary of the bank shall certify that the project complies with the applicable provisions of P.L.2023, c.63, P.L.1985, c.334, and any amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable, and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. In making this certification, the chairperson, vice-chairperson, or secretary may conclusively rely on the project review conducted by the State Office of Emergency Management without any independent review thereof by the bank. b. The loan shall be conditioned upon inclusion of the project on a project eligibility list approved pursuant to section 6 of P.L.2023, c.63 (C.58:11B-20.5). c. The loan shall be repaid within a period not to exceed 30 years of project completion or the making of the loan. d. The loan shall not exceed the allowable project cost of the project, exclusive of capitalized interest, administrative expenses associated with federal funding programs, if applicable, interest earned on project costs as provided in subsection b. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, the amounts of the loan origination fee as provided in subsection c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, and increased costs as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. e. The loan shall bear interest, exclusive of any cost of issuance charges, late charges, or administrative fees payable to the bank pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5) and pursuant to the provisions of the "Safeguarding Tomorrow through Ongoing Risk Mitigation Act", Pub. L. 116-284, by the project sponsors receiving Community Hazard Assistance Mitigation Program loans in accordance with the terms and conditions set forth in the financial plan required pursuant to section 7 of P.L.2023, c.63 (C.58:11B-22.5). f. The loan shall be subject to all other terms and conditions as the bank shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and any rules and regulations adopted pursuant thereto, the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8), and any policy statements relating to CHAMP and the financial plan required by section 7 of P.L.2023, c.63 (C.58:11B-22.5). The eligibility lists and authorization for the making of loans pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9, shall expire on July 1, 2025, and any project sponsor which has not executed and delivered a loan agreement with the bank for a loan authorized in P.L.2024, c.45, as amended by P.L.2025, c.9, shall no longer be entitled to that loan. 6. Section 6 of P.L.2024, c.45 is amended to read as follows: 6. a. The New Jersey Infrastructure Bank is authorized to reduce the individual amount of loan funds made available to, or on behalf of, project sponsors pursuant to section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, based upon final building costs, as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. The bank is authorized to use any such reduction in the loan amount made available to a project sponsor to cover that project sponsor's increased costs due to differing site conditions or other allowable expenses, as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP to be set forth in the State Fiscal Year 2025 CHAMP Financial Plan. b. The bank is authorized to increase each loan amount authorized in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, by the amount of capitalized interest and interest accrued pursuant to a loan made to a project sponsor pursuant to the Community Hazard Assistance Mitigation Program, issuance expenses, and administrative expenses associated with federal funding programs allocable to each loan made by the bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9. c. The bank is authorized to increase each loan amount authorized in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, by a loan origination fee. 7. This act shall take effect immediately. Approved January 30, 2025.
CHAPTER 9
An Act concerning the financing of certain hazard mitigation and resilience projects in Fiscal Year 2025 and amending P.L.2024, c.45.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.2024, c.45 is amended to read as follows:
1. As used in P.L.2024, c.45, as amended by P.L.2025, c.9:
"Bank" means the New Jersey Infrastructure Bank, established pursuant to section 4 of P.L.1985, c.334 (C.58:11B-4).
"CHAMP" means the Community Hazard Assistance Mitigation Program established pursuant to section 5 of P.L.2023, c.63 (C.58:11B-5a).
"Loan origination fee" means the fee charged by the bank to pay a portion of the costs incurred by the bank in the implementation of the Community Hazard Assistance Mitigation Program.
"Project sponsor" means a local government unit receiving a loan from the bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9.
2. Section 2 of P.L.2024, c.45 is amended to read as follows:
2. a. The New Jersey Infrastructure Bank is authorized to expend the aggregate sum of $13,813,000, or such amounts as can be supported through balances in the "Community Hazard Assistance Mitigation Program Revolving Loan Fund" established pursuant to section 3 of P.L.2023, c.63 (C.58:11B-10.6), including any appropriations from the Legislature, for the purpose of making loans to, or on behalf of, local government units to finance all or a portion of the cost of construction of the projects listed in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9.
b. The bank is authorized to increase the aggregate sum specified in subsection a. of this section by acquiring additional lending capital. The bank is authorized to utilize the following sources of funds to acquire such lending capital or for any purpose of the Community Hazard Assistance Mitigation Program:
(1) the amounts of interest earned pursuant to a loan made to a project sponsor participating in CHAMP;
(2) the interest earned on amounts deposited pending their distribution to project sponsors, as provided in subsection b. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9; and
(3) the amounts of the loan origination fee, as provided in subsection c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, and any other CHAMP fees.
3. Section 3 of P.L.2024, c.45 is amended to read as follows:
3. The New Jersey Infrastructure Bank is authorized to make loans to, or on behalf of, the project sponsors for the hazard mitigation and resilience projects listed in subsection a. of section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, up to the individual amounts indicated and in the priority stated, except that any such amount may be reduced by the bank pursuant to subsection a. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, or if a project fails to meet the requirements of section 5 of P.L.2024, c.45, as amended by P.L.2025, c.9. The bank is authorized to increase any such amount pursuant to subsections b. and c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9.
4. Section 4 of P.L.2024, c.45 is amended to read as follows:
4. a. The following CHAMP projects shall be known and may be cited as the "State Fiscal Year 2025 Community Hazard Assistance Mitigation Program Project Eligibility List":
Applicant, Project No. Project Description Estimated Total Estimated Total
Project Amount Loan Amount
Jersey City, RB0906-001 McGovern Park Resilience $5,053,524 $1,360,000
Hoboken City, RB0905-001 Southwest Park Expansion $13,188,272 $1,800,000
Stafford Township, Elevations $2,532,436 $570,000
RB1531-001
Bergen County Utilities Flood Mitigation of Joint Meeting $5,993,832 $1,610,000
Authority, RB0200-UA-001 Pump Station
Brick Township Municipal Brick Reservoir Resilient $3,768,155 $1,040,000
Utilities Authority Infrastructure Improvements
RB1507-UA-001
Rochelle Park Township, Reconstruction of Sanitary $2,595,146 $2,140,000
RB0254-001 Sewer Pump Station
Rochelle Park Township, Elevations $3,364,023 $360,000
RB0254-002
Highlands Borough Highlands and Monmouth Hills $16,205,280 $4,413,000
RB1319-001 Flood Mitigation and
Green Infrastructure
Marlboro Township, Nolan Road $1,757,775 $520,000
RB1330-001 Streambank Stabilization
Total Projects: 9 $54,458,443 $13,813,000
b. The bank is authorized to adjust the allowable loan amount for each project authorized in this section as appropriate, provided that the total amount of loan issuance remains within available funds, and each loan is issued pursuant to the terms and conditions of the State Fiscal Year 2025 Community Hazard Assistance Mitigation Program.
5. Section 5 of P.L.2024, c.45 is amended to read as follows:
5. Any loan made by the New Jersey Infrastructure Bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9, shall be subject to the requirements of this section.
a. The chairperson, vice-chairperson, or secretary of the bank shall certify that the project complies with the applicable provisions of P.L.2023, c.63, P.L.1985, c.334, and any amendatory and supplementary acts thereto, and any rules and regulations adopted pursuant thereto, as applicable, and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. In making this certification, the chairperson, vice-chairperson, or secretary may conclusively rely on the project review conducted by the State Office of Emergency Management without any independent review thereof by the bank.
b. The loan shall be conditioned upon inclusion of the project on a project eligibility list approved pursuant to section 6 of P.L.2023, c.63 (C.58:11B-20.5).
c. The loan shall be repaid within a period not to exceed 30 years of project completion or the making of the loan.
d. The loan shall not exceed the allowable project cost of the project, exclusive of capitalized interest, administrative expenses associated with federal funding programs, if applicable, interest earned on project costs as provided in subsection b. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, the amounts of the loan origination fee as provided in subsection c. of section 6 of P.L.2024, c.45, as amended by P.L.2025, c.9, and increased costs as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan.
e. The loan shall bear interest, exclusive of any cost of issuance charges, late charges, or administrative fees payable to the bank pursuant to subsection o. of section 5 of P.L.1985, c.334 (C.58:11B-5) and pursuant to the provisions of the "Safeguarding Tomorrow through Ongoing Risk Mitigation Act", Pub. L. 116-284, by the project sponsors receiving Community Hazard Assistance Mitigation Program loans in accordance with the terms and conditions set forth in the financial plan required pursuant to section 7 of P.L.2023, c.63 (C.58:11B-22.5).
f. The loan shall be subject to all other terms and conditions as the bank shall determine to be consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) and any rules and regulations adopted pursuant thereto, the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8), and any policy statements relating to CHAMP and the financial plan required by section 7 of P.L.2023, c.63 (C.58:11B-22.5). The eligibility lists and authorization for the making of loans pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9, shall expire on July 1, 2025, and any project sponsor which has not executed and delivered a loan agreement with the bank for a loan authorized in P.L.2024, c.45, as amended by P.L.2025, c.9, shall no longer be entitled to that loan.
6. Section 6 of P.L.2024, c.45 is amended to read as follows:
6. a. The New Jersey Infrastructure Bank is authorized to reduce the individual amount of loan funds made available to, or on behalf of, project sponsors pursuant to section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, based upon final building costs, as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP set forth in the State Fiscal Year 2025 CHAMP Financial Plan. The bank is authorized to use any such reduction in the loan amount made available to a project sponsor to cover that project sponsor's increased costs due to differing site conditions or other allowable expenses, as determined in accordance with the requirements of section 8 of P.L.2023, c.63 (C.58:11B-10.8) and any policy statements relating to CHAMP to be set forth in the State Fiscal Year 2025 CHAMP Financial Plan.
b. The bank is authorized to increase each loan amount authorized in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, by the amount of capitalized interest and interest accrued pursuant to a loan made to a project sponsor pursuant to the Community Hazard Assistance Mitigation Program, issuance expenses, and administrative expenses associated with federal funding programs allocable to each loan made by the bank pursuant to P.L.2024, c.45, as amended by P.L.2025, c.9.
c. The bank is authorized to increase each loan amount authorized in section 4 of P.L.2024, c.45, as amended by P.L.2025, c.9, by a loan origination fee.
7. This act shall take effect immediately.
Approved January 30, 2025.