Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.
Impact
S376 is designed to promote public safety by incentivizing homeowners to elevate properties that are at risk of flooding, which could potentially lead to decreased damage from flood events in the future. To ensure fairness in the funding process, the bill requires that counties agree to provide matching funds equivalent to the state’s contribution. This not only encourages local investment in flood prevention measures but also fosters collaboration between state and local governments.
Summary
Bill S376 aims to establish a dedicated 'Flood Protection and Home Elevation Fund' within the New Jersey Department of Environmental Protection. This fund is intended to assist homeowners with elevating their homes to reduce the risks associated with flooding. The bill proposes that homeowners can receive reimbursement for up to 25 percent of the annual interest payments on loans taken for home elevation projects, capped at $750. To qualify for this reimbursement, homeowners must first obtain the necessary state and local zoning approvals before applying for funding.
Contention
While supporters of S376 emphasize the bill's importance for enhancing community resilience against flooding, critics may argue about funding allocations and the responsibilities placed on counties to provide matching funds. Additionally, there could be concerns about the adequacy of the proposed cap on reimbursements, and whether it sufficiently addresses the financial burdens on homeowners undertaking significant renovation projects. Furthermore, critics may discuss the implications of these provisions on local control over funding and project approvals.
Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.
Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.
Transfers Division of Food and Nutrition from Department of Agriculture to DHS; appropriates $128.241 million from constitutionally dedicated revenues to State Agriculture Development Committee for farmland preservation purposes.
Increases amount of cigarette and other tobacco products tax revenues provided to New Jersey Commission on Cancer Research to $10 million; establishes dedicated, non-lapsing Cancer Research Fund.
Increases amount of cigarette and other tobacco products tax revenues provided to New Jersey Commission on Cancer Research from $1 million to $4 million; establishes dedicated, non-lapsing Cancer Research Fund.