TRENTON – Legislation sponsored by Senator Andrew Zwicker, Assemblywoman Sadaf F. Jaffer, and Assemblyman Roy Freiman that authorizes the New Jersey Infrastructure Bank (NJIB) to expend up to $72,558,158 to provide loans with an interest rate at or below the prevailing market rate to local government units for the financing of all or a portion of 19 eligible transportation infrastructure projects advanced out of committees in both houses of the Legislature.
The 19 approved projects across the state include $2,822,950 for road resurfacing in Raritan Township, as well as $1,671,550 for upgrades to the Corcoran South Main Dewey Road in Flemington Township.
This bill also permits the NJIB to use any loan repayments received to date, and the amounts for capitalized interest, bond issuance expenses and related amounts, to fund the State Fiscal Year 2023 New Jersey Transportation Infrastructure Financing Program (NJTIB).
“In New Jersey, roads are the arteries that keep the heart of our state beating, helping to stimulate the economy and allowing us to continue to compete in a high-tech, 21st Century world,” said Senator Zwicker (D-Somerset, Mercer, Middlesex, Hunterdon). “These loans will give our local governments some breathing room in their budgeting process and also help our communities compete, and be able to retain the quality of life that residents are used to enjoying.”
“Funding transportation projects for New Jersey residents will uplift communities and generate economic growth. With dependable transportation, residents will have improved access to healthcare services, employment, educational opportunities, and social events,” said Assemblywoman Jaffer (D-Somerset, Mercer, Middlesex, Hunterdon). “By authorizing the New Jersey Infrastructure Bank to offer loans with an interest rate below the market rate, we are encouraging investment in local transportation infrastructure projects. This will help counties and municipalities build reliable, accessible transportation systems.”
“Infrastructure projects have been a foundation for enhancing quality of life, and an important component for our state’s economic vitality. This legislation will enable our local municipalities to address critical local transportation needs,” said Senator Freiman (D-Somerset, Mercer, Middlesex, Hunterdon).
Since its creation in 2018, the NJIB, in partnership with the Department of Transportation, has provided low-cost NJTIB loans for the construction of critical transportation infrastructure projects with the mission of reducing the cost of financing for New Jersey counties and municipalities and making possible responsible and sustainable economic development.