Bill Text: NJ S124 | 2024-2025 | Regular Session | Introduced
Bill Title: Permits developer to qualify for low-interest loan from NJEDA when building a high performance green building.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S124 Detail]
Download: New_Jersey-2024-S124-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator NILSA I. CRUZ-PEREZ
District 5 (Camden and Gloucester)
SYNOPSIS
Permits developer to qualify for low-interest loan from NJEDA when building a high performance green building.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act concerning the financing of certain high performance green buildings by the New Jersey Economic Development Authority and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. In consultation with the Commissioner of Community Affairs, the executive director of the New Jersey Economic Development Authority shall establish and administer a program that makes low-interest loans available to a developer or redeveloper who constructs a new building or renovates an existing building that, when completed, qualifies as a high performance green building. The executive director shall adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the purposes of this section.
b. As used in this section, "high performance green building" means a commercial, industrial, or mixed use building having at least 15,000 square feet in total floor area that is designed and constructed in a manner that achieves at least:
(1) a silver rating according to the Leadership in Energy and Environmental Design Green Building Rating System as adopted by the United States Green Building Council ;
(2) a silver rating according to the National Green Building Standards as adopted by the International Code Council and the American National Standards Institute;
(3) a two globe rating according to the Green Globes Program as adopted by the Green Building Initiative; or
(4) a comparable numeric rating according to a nationally recognized, accepted, and appropriate numeric sustainable development rating system, guideline, or standard as the Commissioner of Community Affairs, in consultation with the Commissioner of Environmental Protection, the Director of Energy Savings established pursuant to Executive Order No. 11 of 2006, and the Board of Public Utilities, may designate by regulation.
2. This act shall take effect immediately.
STATEMENT
This bill requires the executive director of the New Jersey Economic Development Authority (authority), in consultation with the Commissioner of Community Affairs, to establish and administer a program that makes low-interest loans available to a developer or redeveloper who constructs a new building or renovates an existing building that, when completed, qualifies as a "high performance green building." A "high performance green building" is defined in the bill as a commercial, industrial, or mixed use building having at least 15,000 square feet in total floor area that is designed and constructed in a manner that achieves at least:
(1) a silver rating according to the Leadership in Energy and Environmental Design ("LEED") Green Building Rating System as adopted by the United States Green Building Council;
(2) a silver rating according to the National Green Building Standards as adopted by the International Code Council and the American National Standards Institute;
(3) a two globe rating according to the Green Globes Program as adopted by the Green Building Initiative; or
(4) a comparable numeric rating according to a nationally recognized, accepted, and appropriate numeric sustainable development rating system, guideline, or standard as the Commissioner of Community Affairs, in consultation with the Commissioner of Environmental Protection, the Director of Energy Savings established pursuant to Executive Order No. 11 of 2006, and the Board of Public Utilities, may designate by regulation.
