(TRENTON) – Legislation sponsored by Assemblyman Nicholas Chiaravalloti (D-Hudson) to help fund environmental infrastructure projects throughout the state, including Storm Sandy related projects has been signed into law.
“This will help ensure our water resources and communities are protected by making the necessary funding available for important infrastructure projects,” said Chiaravalloti. “This is good for the environment and New Jersey.”
The law (A-3884) appropriates certain federal and state moneys to the Department of Environmental Protection (DEP) for the purpose of implementing the State Fiscal Year 2017 New Jersey Environmental Infrastructure Financing Program (NJEIFP), which is expected to finance approximately $411.35 million in Storm Sandy and other environmental infrastructure projects for State Fiscal Year 2017.
Under the law, for state fiscal year 2017, approximately $295.1 million would be available for clean water project loans and $116 million for drinking water project loans. Funding sources would include federal capitalization grants, state bond issue proceeds, state match, various prior legislative appropriations, loan repayments, interest earnings, and market rate loans made by the NJEIT.
“I’m happy that this is my first bill signed into law, and promise to continue to work to bring forth legislation that will help make our communities and our state stronger,” added Chiaravalloti.