Zwicker, Jaffer and Freiman Bill to provide $4.5 million in low-interest loans for infrastructure advancements
Projects include road improvements in Raritan, Flemington
TRENTON- Legislation sponsored by Senator Andrew Zwicker, Congresswoman Sadaf F. Jaffer and Congressman Roy Freiman that authorizes the New Jersey Infrastructure Bank (NJIB) to spend up to $72,558,158 to provide loans with an interest rate equal or below prevailing market rate to local government units for funding all or part of 19 eligible transportation infrastructure projects advanced by committees of both houses of the Legislative Assembly.
The 19 projects approved across the state include $2,822,950 for road resurfacing in Raritan Township, as well as $1,671,550 for Corcoran South Main Dewey Road upgrades in Flemington Township.
This bill also allows the NJIB to use all loan repayments received to date, along with capitalized interest amounts, bond issuance costs and related amounts, to fund the infrastructure financing program. New Jersey State of New Jersey Fiscal Year 2023 Transportation Board (NJTIB).
“In New Jersey, roads are the arteries that keep our state’s heart beating, helping to drive the economy and allowing us to continue to compete in a high-tech environment, 21st Century world,” said Senator Zwicker (D-Somerset, Mercer, Middlesex, Hunterdon). “These loans will give our local governments flexibility in their budgetary process and will also help our communities to be competitive and maintain 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 reliable transport, residents will have better access to health services, employment, educational opportunities and social events,” said MP Jaffer (D-Somerset, Mercer, Middlesex, Hunterdon). “By allowing the New Jersey Infrastructure Bank to provide loans with interest below the market rate, we are encouraging investment in local transportation infrastructure projects. This will help counties and municipalities build reliable and accessible transportation systems.
“The infrastructure projects have been a basis for improving the quality of life and an important element for the economic vitality of our State. This legislation will enable our local municipalities to meet critical local transportation needs,” said Senator Freiman (D-Somerset, Mercer, Middlesex, Hunterdon).
Since its inception in 2018, the NJIB, in partnership with the Department of Transportation, has provided low-cost loans to the NJTIB for the construction of critical transportation infrastructure projects with the aim of reducing the cost of financing for counties and municipalities. New Jersey municipalities and to enable responsible and sustainable economic development.