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S 124 New Jersey Senate · 2024-2025 Regular Session

Permits developer to qualify for low-interest loan from NJEDA when building a high performance green building.

S 124 creates a program through New Jersey's Economic Development Authority (NJEDA) that offers low-interest loans to developers building or renovating qualifying high-performance green buildings. It directly affects commercial, industrial, or mixed-use developers constructing projects of at least 15,000 square feet that achieve specific green building certifications, such as LEED Silver, Green Globes two globes, or equivalent standards. The bill establishes clear rating requirements for "high performance green buildings" and directs the NJEDA to administer the loan program after adopting necessary rules. This policy change provides a new financing tool to incentivize sustainable building practices in New Jersey.
Issues: ✓ Budget & TaxesSupports Budget & TaxesBill creates NJEDA low-interest loan program for green buildings, allocating state funds to incentivize development and promote economic growth within budget framework.90% confidence ✓ EnergySupports EnergyS 124 promotes high-performance green buildings and certifications like LEED Silver, directly increasing energy efficiency within the built environment.95% confidence ✓ EnvironmentSupports EnvironmentThe bill incentivizes the construction of 'high performance green buildings' through low-interest loans, which directly promotes environmental protection and resource conservation.95% confidence ✓ HousingSupports HousingThe bill offers low-interest loans to developers for mixed-use green buildings, which often include residential components, thereby advancing housing development.75% confidence ✓ Labor & EmploymentSupports Labor & EmploymentThe bill incentivizes large-scale construction projects, generating increased employment opportunities within the construction sector.65% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Economic Growth Committee
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Nilsa Cruz-Perez
Nilsa Cruz-Perez
DDemocratic
NJ
5