New Jersey Environmental Infrastructure Trust - 2009 Economic Recovery Program

New Jersey Environmental Infrastructure Trust

recovery.gov logo 2009 New Jersey Environmental Infrastructure
Economic Recovery Program

Welcome to the 2009 Environmental Infrastructure Economic Recovery Program Fact Page. The New Jersey Environmental Infrastructure Financing Program (NJEIFP) is proud to administer New Jersey’s Environmental Infrastructure Economic Recovery Program. This Program will serve as a significant source of job creation and infrastructure improvement as we look to finance over $900 million in projects through a combination of traditional clean water and drinking water funding sources and American Recovery and Reinvestment Act of 2009 (ARRA) funds.

The 2009 Economic Recovery Program shall be implemented by the NJEIFP through the Traditional Financing Program and the ARRA Financing Program. This Fact Page provides important information about these programs.

Program Highlights:

	Traditional	ARRA
Loan Information:
Interest Rate:	25% Market Rate Loan; 75% Interest Free loan	25% Market Rate Loan; 75% Interest Free Loan
Term:	20 years, level debt repayment	20 years, level debt repayment, subject to principal forgiveness
Subsidy for Cost of Issuance:	Yes	Yes
Loan Cap:	Certain redevelopment loans	Yes, $10 mil per borrower
Principal Forgiveness:	No	Yes, 50% up to $5 mil per borrower
100% Grants Available?	No	No
Interim Financing Avail?	Yes	Yes
Eligibility:
Borrower:	Local Government Unit and Local Government Unit Sponsor	Local Government Unit
Eligible Environmental Infrastructure Activities:	All are eligible. Land and Supp. Loans see Program Summary	See Program Summary
Ranking Methodology:	Traditional	Traditional, Project Readiness, Permitting,
Additional Requirements:	Prevailing wage, Small and Econ. Disad. Business	Prevail. Wage, SED, other reporting, buy American
Schedule:	2009 Traditional Program Schedule (pdf)	2009 ARRA Program Schedule (pdf)
State Application Due:	March 16, 2009	March 16, 2009
NJEIT Applic Due (FAF):	August 17, 2009	May 29, 2009
Escrow Closing:	October, 2009	Summer, 2009
Bond Sale:	December, 2009	October, 2009
Loan Closing:	January, 2010	November, 2009
Funding (Anticipated)
Clean Water Funds:	$315 million	$160 million
CW Loans:	$421 million	$213 million
Approx. CW Applications:	174	119
Drinking Water Funds:	$132 million	$43 million
DW Loans:	$176 million	$57 million
Approx. DW Applications:	166	49