N.J. Stat. § 34:1B-268.7

Current through L. 2024, c. 80.

Section 34:1B-268.7 - "Social innovation loan fund" established; funds appropriated

a. To implement the social innovation loan pilot program, the authority shall establish and maintain a special non-lapsing, revolving fund called the "social innovation loan fund" which may be credited with:

(1) monies appropriated by the State for the purpose of the fund;

(2) monies received by the authority from any public or private donations to be used to guarantee a loan issued pursuant to subsection f. of section 3 of P.L. 2021, c. 434(C.34:1B-268.5);

(3) any monies as may be available to the authority from grants or other forms of assistance established to support health care intervention activities by the authority or by other State or federal agencies or authorities; and

(4) monies received from eligible organizations in the form of any applicable fees.

b. Loan funds may be used by the authority for the following purposes:

(1) guaranteeing loans issued pursuant to subsection b. of section 3 of P.L. 2021, c. 434(C.34:1B-268.5);

(2) reasonable and necessary expenses incurred by the authority related to the administration of the pilot program and the study commission; and

(3) administrative expenses for the provision of loan guarantees issued pursuant to subsection b. of section 3 of P.L. 2021, c. 434(C.34:1B-268.5).

c. The amount of loans guaranteed by the authority pursuant to subsection b. of section 3 of P.L. 2021, c. 434(C.34:1B-268.5) shall not exceed $3,000,000 per year or $15,000,000 in the aggregate over five years, as determined by the authority.

d. The authority shall not issue a loan guarantee in an amount greater than the available and uncommitted monies in the loan fund.

e. The authority may charge fees in connection with applications for participation in the social innovation loan pilot program as it deems reasonable to cover authority expenses in administering the pilot program and issuing loan guarantees.

f. The activities required pursuant to P.L. 2021, c. 434(C.34:1B-268.3 et seq.) shall only be paid from monies deposited into the "social innovation loan fund," established pursuant to subsection a. of this section.

N.J.S. § 34:1B-268.7

Added by L. 2021, c. 434, s. 5, eff. 5/1/2022.