WASHINGTON – June 24, 2016 – (RealEstateRama) — The New Jersey Business & Industry Association today applauded the approval of funds for water infrastructure projects throughout the state, saying it addresses a critical need.
The Assembly Budget Committee released two bills (A-3883 and A-3884) that would appropriate more than $400 million from the NJ Environmental Infrastructure Trust for low-interest loans to pay for drinking water and clean water projects, as well as combined sewer overflow abatement projects. Many of the projects will address recovery from Superstorm Sandy and New Jersey’s ability to withstand storms in the future.
“NJBIA has supported efforts related to the Environmental Infrastructure Trust because the program has proven itself to be extremely effective over its 30 years in existence,” said NJBIA Vice President of Environment and Energy Affairs Sara Bluhm. “New Jersey has billions of dollars’ worth of projects needed to protect our health and our environment. This bill will be a big step in addressing those needs in a cost-effective way.”
“This program has proven to be one of the most effective capital construction projects in the state,” Bluhm said. “The projects funded in these two bills will support economic development across the state and improve the quality of life we all enjoy.”
The NJ Environmental Infrastructure Financing Program (NJEIFP), in partnership with the NJ Department of Environmental Protection, has loaned local government units and some private water companies more than $6.5 billion to finance wastewater systems, combined sewer overflow abatement, nonpoint source pollution control and safe drinking water supplies generating more than 130,000 construction projects throughout the state.
Funding would come from existing state and federal funding programs and repayments of past EIT loans.