Teams from the DEP and the NJEIT, which is an independent state financing authority, are working in cooperation with personnel from the
"Sandy severely strained our water and sewer infrastructure, causing serious disruptions to these critical services across the state," Commissioner Martin said. "The SAIL program gives operators of this infrastructure the financial tool they need to continue implementing recovery measures and to take steps to make these plants stronger and more resilient."
Sandy caused an estimated
The DEP is targeting other federal funding sources and leveraging state dollars to address the state's estimated
The DEP and NJEIT are currently reviewing applications for short-term and long-term financing for a host of projects from other communities that include waterproofing of pumps and electrical equipment, installation of flood protection barriers and emergency generators, and studies to assess measures to prevent damage from floods and other disasters.
The SAIL program is being funded initially by NJEIT's program funds, plus money from prior loan repayments under the state's successful and ongoing infrastructure improvement program. As demand for the SAIL Program expands, the NJEIT will leverage commercial and private sources of funding to meet additional demand.
NJEIT Executive Director
"The SAIL program broadens the mission of the NJEIT in helping directly protect our communities and the environment from the impacts of disasters on water and wastewater infrastructure," Zimmer said. "
Since 1985, the DEP and NJEIT have worked to implement the New Jersey Environmental Infrastructure Financing Program. The program has financed more than 1,000 wastewater, drinking water, storm water and other water quality improvement projects totaling 6 billion through a combination of zero- and low-interest loans at one-quarter to one-half the market rate.
Through its attractive financing programs, the program has saved
For more information on SAIL, the
To read the legislation, visit: http://www.njleg.state.nj.us/2012/Bills/S3000/2815_R1.PDF
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