From the NJ Department of Environmental Protection
The New Jersey Water Bank, a partnership between the New Jersey Department of Environmental Protection and the New Jersey Infrastructure Bank that provides low-cost financing for projects to improve local clean- and drinking-water infrastructure, has for the first time surpassed $1 billion in fiscal year project financing, Environmental Protection Commissioner Shawn M. LaTourette, EPA Regional Administrator Lisa Garcia and Infrastructure Bank officials announced today.
In Fiscal Year 2024, which concluded June 30, the Water Bank provided financing for 116 clean water projects (wastewater and stormwater treatment) totaling $838 million and financing for 31 drinking water projects, totaling $240 million. These projects represent a combined $1.078 billion in infrastructure financing. The previous record was $769.5 million in Fiscal Year 2021.
“Safe and reliable water infrastructure is critical to the vitality of our communities,” DEP Commissioner LaTourette said. “This record-setting, billion-dollar investment in our water infrastructure throughout the state demonstrates the high level of commitment that our local governments and water systems are making to protect public health and the environment. I
FY 2024 Project Highlights
Examples of projects that received Water Bank financing in state fiscal year 2024 include:
- The Passaic Valley Sewerage Commission received more than $116 million to increase treatment capacity for the purpose of reducing discharges of combined sewer overflows that impact surface water quality in the area. Construction began in March of this year and is anticipated to be completed by the end of 2028.
- The city of Camden received $55 million for the construction of granular activated carbon to treat PFAS and 1,4-dioxane and to upgrade the Morris-Delair Water Treatment Facility. Construction began in February and is expected to be completed by the end of 2025.
- The Bayshore Regional Sewerage Authority received $31 million to construct backup power generation to the sewerage authority and the Monmouth County Bayshore Outfall Authority to safely treat and dispose of wastewater during prolonged power outages.
- New Jersey American Water received more than $25 million to expand replacements of lead service lines in Irvington. Combined with financing for a 2022 project, the Water Bank has provided more than $48 million in financing for the replacement of more than 5,000 lead and galvanized service lines in Irvington. Work is expected to be completed by the end of next year.
- The city of Trenton received more than $9 million to replace approximately 1,000 lead and galvanized service lines with copper lines. Construction is expected to begin soon and be completed by July 2026.
- The Jersey City MUA received $9.8 million to replace additional lead service lines in the city. Combined with financing received in FY 2023, the Water Bank has provided more than $21 million for the replacement of approximately 1,600 lead service lines in Jersey City. Construction began in July 2023 and is expected to be completed by June 2025.
Read the full NJDEP news release here
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