The Murphy Administration announced that the New Jersey Transportation Infrastructure Bank is now offering low interest loans to municipalities and counties to reduce the overall cost of local transportation projects.
New Jersey’s first transportation loan program, the Transportation Infrastructure Bank (NJTIB) is a partnership between the New Jersey Department of Transportation (NJDOT) and the New Jersey Infrastructure Bank (I-Bank). The NJTIB provides low interest loans for municipal and county transportation projects.
“The Transportation I-Bank is a unique partnership that will significantly reduce the total cost of local transportation infrastructure by reducing the cost of financing and will enable our communities to increase the number of projects funded,” NJDOT Commissioner Diane Gutierrez-Scaccetti said. “The program will provide opportunities for the design and construction of more expensive local projects that cannot be significantly funded with Local Aid grants.”
“The staffs of the NJDOT and I-Bank have been working together around the clock over the past several months to structure and implement the Transportation I-Bank. Their accomplishments in this short-time frame are impressive and a testament to the partners’ commitment to this initiative,” noted I-Bank Vice Chairman Robert A. Briant, Jr. “The Financing Program will accelerate the construction of projects and smooth the transition from design to build.”
Loan Application are available at www.njib.gov