6. a. The State Office of Emergency Management, in consultation with the commissioner, shall for each fiscal year develop a priority system for the ranking of hazard mitigation and resilience projects to be financed through the Community Hazard Assistance Mitigation Program and the Community Hazard Assistance Mitigation Program Revolving Loan Fund.

b. (1) The State Office of Emergency Management, in consultation with the commissioner, shall set forth a Community Hazard Assistance Mitigation Program Project Priority List for funding by the bank for each fiscal year and shall include: (a) the aggregate amount of funds of the bank to be authorized for these purposes; (b) a description of each hazard mitigation and resilience project; and (c) an explanation of the manner in which projects are ranked.

The project priority list for the ensuing fiscal year shall be submitted to the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1) on or before January 15 of each year. The Senate Secretary and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.

(2) Any hazard mitigation and resilience project, or sponsor thereof, not identified in the project priority list pursuant to paragraph (1) of this subsection shall not be eligible for a loan from the Community Hazard Assistance Mitigation Program Revolving Loan Fund. The bank may revise or supplement the project priority list no more than four times during the fiscal year and shall submit the revised list to the Legislature when the revisions are made.

No funds may be disbursed pursuant to this subsection for hazard mitigation and resilience project activities prior to certification in writing, from the bank to the State Treasurer, that the project activities satisfy the provisions of the STORM Act, sections 1 through 8 of P.L.2023, c.63 (C. 58:11B-20.3 et al.), and P.L.1985, c.334 (C. 58:11B-1 et seq.).

Any short-term or temporary loans made by the bank may only be made in advance of an anticipated long-term hazard mitigation and resilience project loan. Any such short-term or temporary loan made shall mature no later than the last day of the fifth succeeding fiscal year following the closing date on which the short-term or temporary loan was made by the bank. Any short-term or temporary loan made by the bank pursuant to this subsection may mature in a shorter period of time as may be necessary to align with construction completion. With respect to any short-term or temporary loan for planning, design, and construction expenses, the bank may authorize one short-term supplemental loan for residual expenses thereof upon receipt by the bank from the State Office of Emergency Management of a certification that states that the time required to complete construction of the project exceeds the maximum maturity date of the short-term or temporary loan. Any such short-term supplemental loan shall not exceed in duration the last day of the third succeeding fiscal year following the loan closing of the short-term supplemental loan.

c. The State Office of Emergency Management, in consultation with the commissioner, shall set forth a Community Hazard Mitigation Assistance Program Project Eligibility List for long-term funding by the bank and shall include the aggregate amount of funds to be authorized for these purposes.

On or before May 15 of each year, the bank shall submit the Community Hazard Mitigation Assistance Program Project Eligibility List to the Legislature pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1) to be introduced in each House in the form of legislative appropriations bills, which shall be referred to the Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee, or their successors, for their respective consideration. The Senate Secretary and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.

The Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee shall, either individually or jointly, consider the legislation containing the Community Hazard Mitigation Assistance Program Project Eligibility List, and shall report the legislation, together with any modifications, out of committee for consideration by each House of the Legislature. On or before July 1 of each year, the Legislature shall approve an appropriations act containing the Community Hazard Mitigation Assistance Program Project Eligibility List, which act shall include the authorization of an aggregate amount of funds of the bank to be expended for long-term loans and guarantees for the hazard mitigation and resilience projects, including the individual amounts therefor, on the list.

On or before October 15 of each year the bank may submit an additional Community Hazard Mitigation Assistance Program Project Eligibility List, to be introduced in each House in the form of legislative appropriations bills, which shall be referred to the Senate Environment and Energy Committee and the Assembly Environment and Solid Waste Committee, or their successors, for their respective consideration. The Secretary of the Senate and the Clerk of the General Assembly shall cause the date of submission to be entered upon the Senate Journal and the Minutes of the General Assembly, respectively.

d. The State Office of Emergency Management shall consult with the commissioner when developing the priority system pursuant to subsection a. of this section, the project priority list pursuant to subsection b. of this section, and the project eligibility list pursuant to subsection c. of this section, however, responsibility for determining assistance priorities and carrying out oversight activities shall be the responsibility of the State Office of Emergency Management.

e. The bank shall not expend any money for a loan or guarantee during a fiscal year for any hazard mitigation or resilience project unless the expenditure is authorized pursuant to an appropriations act of the current or three immediate preceding fiscal years as provided in the provisions of this section, or as otherwise set forth in an appropriations act.

f. The bank shall submit to the Secretary of the Senate and the Clerk of the General Assembly on or before January 15 of each year a report which shall identify the hazard mitigation and resilience projects financed during the prior fiscal year, including a project description, the amount of the loan provided for each project, and the duration of each loan.

L.2023, c.63, s.6.