New Report Highlights Green Infrastructure Financing Opportunities
Contact: Chris Sturm (csturm
njfuture
org) , Managing Director of Policy and Water, 609-393-0008 ext. 114
New Report Highlights Green Infrastructure Financing Opportunities
TRENTON, July 19, 2018 — New Jersey Future today released an analysis of the New Jersey Water Bank’s green infrastructure financing program. The report, A Review of New Jersey Water Bank Financing for Green Infrastructure Projects, is the culmination of a year-long partnership with I-Bank and the New Jersey Department of Environmental Protection to improve access to the program’s low-cost green infrastructure financing and continues to move the I-Bank into innovative areas of lending beyond traditional “gray” infrastructure.
Green infrastructure is an important technique for reducing flooding and water pollution by managing and treating stormwater where it falls, while providing local jobs and amenities such as open space. The Water Bank financing program enables communities with combined sewer systems to include green infrastructure in a cost-effective way; a critical tool as they develop their federally and state-mandated Long-Term Control Plans, which will be very costly to implement.
“New Jersey Future has long supported investments in sustainable infrastructure, and we are excited to be working with the Water Bank to expand access to green infrastructure financing in New Jersey,” said New Jersey Future Executive Director Peter Kasabach. “It is particularly important for communities with combined sewer systems, where green and traditional gray infrastructure projects will be undertaken at a scale unprecedented in New Jersey, to have access to this capital.”
“This analysis is enormously helpful to the Water Bank program, and we’re grateful for all the work that went into it,” said David Zimmer, executive director of the I-Bank. “We are eager to provide financing to support the department’s priority to increase the amount of green infrastructure in the state, and in particular in cities with combined-sewer systems, which must reduce their sewer overflows. With our partners at the DEP, we will be taking every step we can to make applying for program financing easier, and we look forward to seeing green infrastructure installations not just in our older cities, but all over New Jersey.”
“Safe, clean water is vital to New Jersey’s health, quality of life and economy. That is why the DEP is committed to improving water infrastructure, including the use of green infrastructure,” said Michele Putnam, the department’s assistant commissioner for water resource management. “Green infrastructure makes neighborhoods more beautiful, improves water quality and reduces flooding and combined sewer overflows — especially in our older communities with combined sewer systems. We appreciate any public information that improves understanding of our Water Bank program and makes it more accessible to those who need it.”
This fall, the Water Bank, with support from New Jersey Future and its consultant BRS Inc., will release an Applicants’ Guide for Water Bank GI Financing, which will detail for potential applicants the steps and documentation that make up a successful application. The Water Bank will also offer a workshop for potential applicants that features the Applicant’s Guide, to help clarify the application process and answer any questions about requirements.
# # #
Founded in 1987, New Jersey Future is a nonprofit, nonpartisan organization that promotes sensible growth, redevelopment and infrastructure investments to foster vibrant cities and towns, protect natural lands and waterways, enhance transportation choices, provide access to safe, affordable and aging-friendly neighborhoods and fuel a strong economy. The organization does this through original research, innovative policy development, coalition-building, advocacy, and hands-on technical assistance. New Jersey Future serves as the backbone staff for the Jersey Water Works collaborative.
