Bill Text: NJ A2285 | 2024-2025 | Regular Session | Introduced
Bill Title: Establishes fund for DEP for Blue Acres acquisition and relocation projects; appropriates $25 million.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Environment, Natural Resources, and Solid Waste Committee [A2285 Detail]
Download: New_Jersey-2024-A2285-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblywoman YVONNE LOPEZ
District 19 (Middlesex)
Assemblyman ANTHONY S. VERRELLI
District 15 (Hunterdon and Mercer)
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
Co-Sponsored by:
Assemblymen Stanley, Karabinchak, Danielsen and Assemblywoman Reynolds-Jackson
SYNOPSIS
Establishes fund in DEP for Blue Acres acquisition and relocation projects; appropriates $25 million.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning Blue Acres acquisition and relocation assistance, supplementing Title 13 of the Revised Statutes, and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The Blue Acres Buyout Fund (hereinafter referred to as the "fund") is established in the Department of Environmental Protection as a nonlapsing, revolving fund. All monies appropriated pursuant to this act, monies appropriated annually by law for the purposes of the fund, and any other grants received by the State for the purposes of the fund shall be deposited into the fund. All interest or other income or earnings derived from the investment or reinvestment of monies in the fund shall be credited to the fund. The fund shall be administered by the Department of Environmental Protection. No more than five percent of the total annual revenue allocated to the fund in each fiscal year may be used by the department for administrative costs.
b. Monies in the fund shall be used by the Department of Environmental Protection for:
(1) relocation assistance for homeowners displaced by a Blue Acres acquisition;
(2) relocation assistance for tenants in single family and multifamily housing displaced by a Blue Acres acquisition of their rental property; and
(3) the Blue Acres cost to the State for the acquisition of lands for a Blue Acres project.
c. As used in this section, "Blue Acres cost" and "Blue Acres project" mean the same as those terms are defined in section 3 of P.L.2016, c.12 (C.13:8C-45).
2. There is appropriated from the General Fund to the Blue Acres Buyout Fund, established pursuant to section 1 of this act, the sum of $25 million.
3. This act shall take effect immediately.
STATEMENT
This bill establishes the Blue Acres Buyout Fund (hereinafter referred to as the "fund") as a nonlapsing, revolving fund in the Department of Environmental Protection and appropriates $25 million from the General Fund for the purposes of the fund. The fund would be administered by the Department of Environmental Protection (DEP) to be used for relocation assistance for homeowners and tenants displaced by a Blue Acres acquisition, to acquire flood prone property under the Blue Acres program, and for administrative costs associated with the program. No more than five percent of the total annual revenue allocated to the fund in each fiscal year may be used by the DEP for administrative costs.
