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Mercer County announces zero-interest rate loans to businesses through new partnership with UCEDC

Mercer County Executive Brian M. Hughes and the Mercer County Office of Economic Development are excited to announce that the county will partner with the UCEDC to establish a 0% Interest Loan Program for small businesses in Mercer County.

Dedicating $350,000 in American Rescue Plan Act (ARPA) dollars, the program will allow Mercer County businesses to apply for affordable access to capital. The UCEDC will provide loans on a first-come, first-served basis utilizing current lending products and capital.

“Mercer County continues to provide financial options for its vibrant small businesses,” said County Executive Hughes.

“Through our 2023 Mercer County Small Business Grant Program, our newly announced Small Business Investment Program and this initiative, we recognize the importance of our small businesses to our regional economy and want to make every effort to help them continue to grow and flourish.”

Specifically, the program will require the following:

  • Businesses must be located in Mercer County, registered with the State of New Jersey and have been formed on or before September 1, 2019.
  • Businesses must have 30 full-time equivalent employees or less at time of application and have less than $10 million in annual gross revenue based on most recent tax return.
  • Loans will range from $10,000 to $20,000.
  • Loans will be offered at 0% interest, with a five-year repayment term.
  • Funds can be used for working capital, inventory, or purchases of furniture and equipment.
  • No collateral requirements, pre-payment penalties, processing, closing or application fees.
  • Personal guarantees of the significant owners of the business (10% or greater) are required.
  • Applicants must not have had a bankruptcy or significant charge-offs within the most recent 3-year period.

Through the Mercer County loan program, UCEDC will provide $750,000 of lending to small businesses located in Mercer County. With an average expected loan amount of $15,000, given the parameters above, Mercer County will provide funding to approximately 50 businesses in the target market.

Please click Mercer County Zero-Interest Loan Program flyer or here to learn more and apply.

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Mercer County launches Small Business Investment Program

Partnering with SMBX’s small-business marketplace will allow local business owners to raise capital through retail investors in the community and nationwide.

People can invest in small businesses for as little as $10 and be repaid principal and interest monthly.

TRENTON, N.J. — Mercer County Executive Brian M. Hughes announced the launch of Mercer County’s new Small Business Investment Program to help small businesses raise funding directly through retail investors in their communities, and nationwide.

Through a competitive bid process, the County selected SMBX, the online marketplace connecting small businesses and everyday investors, to run the program.

Mercer County has set aside $500,000 in American Rescue Plan Act (ARPA) funding to manage the program and drive retail investment to at least 30 Mercer County small businesses on the SMBX marketplace. The funds will keep the program free for small businesses.

“Mercer County continues to invest in our small-business community,” said County Executive Hughes.

“On the heels of the Mercer County Small Business Grant program, this SMBX initiative will allow start-ups and established businesses alike to grow and expand through the infusion of much needed capital.”

“Small-business owners nationwide are choosing to raise funds through everyday investors in their communities, giving people a chance to earn money by investing in the businesses they love,” said Ben Lozano, co-founder and CEO of SMBX.

“We’re excited to partner with Mercer County to help businesses raise funds with no fees for owners or investors.”

Small-business owners can apply to raise funds through the Mercer County Office of Economic Development, SMBX, and the African American Chamber of Commerce of New Jersey (AACCNJ).

SMBX and the Mercer County Office of Economic Development will work closely with business organizations and chambers of commerce, including the Princeton Mercer Regional Chamber, the AACCNJ, the Capital Region Minority Chamber of Commerce and the Latino Merchants Association, to market the program and provide technical assistance to small businesses to prepare them to raise capital through SMBX.

“We are pleased with the decision of the Hughes Administration to support our efforts to expand capital access to the members of the African American Chamber of Commerce and businesses throughout Mercer County,” said John E. Harmon, Sr., IOM, Founder, President & CEO, AACCNJ.

“It is through the efforts of forward-thinking leaders that we can collectively collaborate to advance best practices that can lead to transformational outcomes; the resulting benefit will be a more competitive Mercer County.”

Here’s how the program will work:

  • Businesses can raise money by issuing Small Business Bonds on the SMBX marketplace.
  • Instead of borrowing from a bank, businesses borrow from investors in their community and across the country, paying them back monthly at fixed interest rates through SMBX.
  • Small businesses are not required to provide a personal loan guarantee.
  • SMBX completes the underwriting at no cost, the business reviews it, and SMBX files it with federal regulators.
  • The SMBX marketing team works with the business owners to offer and promote their raise.
  • Once the raise is completed, the business makes monthly fixed payments to its investors so it knows exactly what to expect for its cash flow.
  • By purchasing Small Business Bonds in $10 increments through the Mercer County Small Business Investment Program, investors can earn a meaningful monthly return by lending money to their favorite local small businesses while gaining more control over their money.

Small-business qualifications:

  • Physical business located in Mercer County;
  • For-profit business registered with the State of New Jersey, and formed on or before April 10, 2023;
  • 30 employees or fewer, with part-time equating to one-half a full-time employee;
  • Less than $10 million in gross revenue;
  • Preference is given to those businesses that have not received specific business grant assistance from the federal, state, or local government entity; and,
  • National franchises, real estate businesses, and independent consultants are ineligible.

The Mercer County Small Business Investment Program will run through September 2024.

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About SMBX

SMBX is a marketplace connecting small businesses and everyday investors. We empower communities by making finance accessible to everyone. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business.

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Mercer County Clerk issues warning to passport applicants and to veterans

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello is issuing two warnings to constituents that could cause a waste of precious time and money, the two things no one needs to lose, she says.

Passport Fees Required at all Passport Facilities

The U.S. Department of State advises all passport applicants that there are no free passports nor fee waivers, and that a fee is required for all passport applications.  Payment is required at all Passport Acceptance Facilities, including the Mercer County Connection in Hamilton Township and the Mercer County Clerk’s Office in Trenton.

Recent social media videos circulating on the internet, which advise customers that passports can be free by submitting form I-912 are false, misleading and incorrect. The form they are referring to is for U.S. Citizenship and Immigration Services (USCIS) and not for Passport Services. The form is NOT a Department of State form and it is not honored by them.

Mercer County Clerk Paula Sollami Covello explained that videos on social media platforms such as TikTok and Instagram are not being produced by government officials, and have created confusion among constituents who believe them to be accurate.

For further information on the Form I-192 and the individuals eligible, please visit https://www.uscis.gov/i-192 for clear instructions and additional information.

For detailed information on documentation required for a passport, or office hours at the Mercer County Clerk’s Office, please visit https://www.mercercounty.org/government/county-clerk-/office-services/passportsand for detailed information on services at the Mercer County Connection in Hamilton, please visit https://www.mercercounty.org/departments/county-connection/passport-application-information.

Veterans Filing Scam

Mercer County Clerk Paula Sollami Covello is alerting all Veterans of a fraudulent solicitation targeting those seeking assistance with filing their DD-214 discharge papers. The DD-214, or Certificate of Release or Honorable Discharge from Active Duty, is a vital document that verifies a Veteran’s military service and is often required when accessing various military benefits and entitlements. The Mercer County Clerk’s Office records such items free of charge, without the need for a middle man.

“Unfortunately, at least one opportunistic company is preying on Veterans by offering to file or obtain their DD-214 on their behalf in exchange for significant payments” said Covello.  A Company called “DD-214 DIRECT” out of Phoenix, Arizona is soliciting Veterans to pay to record copies of their discharge papers (DD-214).

We want to emphasize that the Mercer County Clerk’s Office files and provides certified copies of DD-214 discharge papers free of charge. Veterans can visit our office or contact us directly to receive guidance and support throughout the process, without incurring any unnecessary fees. Often, we record such documents when a Veteran visits our office to obtain a US Veteran ID Card.

For additional information on Veteran Services, please call 609-278-7108 or 609-989-6465 or visit the Clerk’s Office online at https://www.mercercounty.org/government/county-clerk

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Bridge on Princeton-West Windsor border closed for NJDOT replacement project

The Washington Road bridge over the D&R Canal in Princeton and West Windsor is closed and detoured as the New Jersey Department of Transportation (NJDOT) undertakes an emergency bridge replacement project.

As of 8 p.m. Wednesday, July 26, Washington Road is closed between Faculty Road and Tiger Lane. Local access will be maintained between Route 1 and Tiger Lane. Work is expected to be completed this fall.

Mercer County Executive Brian M. Hughes reminds residents that although Washington Road is a county roadway (CR 571), the canal bridge is under the jurisdiction of NJDOT, which is undertaking the bridge replacement.

“NJDOT has been monitoring the condition of the bridge and determined that the replacement project couldn’t wait,” he said.

“Safety is always the top priority, so I urge motorists to be patient and to allow extra time when traveling into and out of Princeton for the duration of the project.”

NJDOT will have variable message signs directing motorists to detour routes, which include the following:

Washington Road southbound detour:

  • Motorists wishing to travel south on Washington Road will be directed to use Route 27/Nassau Street
  • Turn left onto Alexander Street
  • Take the ramp to Route 1 northbound to New Brunswick
  • Take the jughandle to CR 571 northbound/Princeton to Washington Road

Or

  • From Route 27/Nassau Street, turn right onto Harrison Street
  • Turn right onto Route 1 southbound
  • Stay right on Route 1 southbound to take the “All Turns” lane to CR 571/Hightstown/Princeton back to Washington Road

Washington Road northbound detour (updated):

  • Motorists on Washington Road northbound before the Route 1 intersection wishing to cross the Washington Road bridge over the D&R Canal will be directed to turn right onto Route 1 northbound
  • Stay right to take Harrison Street exit
  • Cross Route 1 and continue on Harrison Street westbound/Princeton
  • Turn left onto Route 27/Nassau Street southbound back to Washington Road

Or

  • Motorists on Washington Road northbound before the Route 1 intersection wishing to cross the Washington Road bridge over the D&R Canal will be directed to turn left onto Route 1 southbound
  • Take the ramp to Alexander Road westbound/Princeton
  • Continue on Alexander Road and turn right onto University Place
  • Turn right onto Route 27/Nassau Street northbound back to Washington Road

+Route 1 to Washington Road northbound detour:

Motorists traveling on Route 1 northbound or southbound wishing to travel into Princeton using Washington Road northbound will be directed to use Alexander Road/Alexander Street or South Harrison Street/Lower Harrison Street.

Pedestrian access

Access to the D&R Canal towpath will be maintained for pedestrians and cyclists on Washington Road southbound, crossing the Washington Road bridge over Carnegie Lake. Barriers will be in place to direct pedestrians and cyclists to the towpath a safe distance away from the active construction zone.

Pedestrians and cyclists on Washington Road northbound will not be able to access the D&R Canal towpath. Instead, they can use crossings at Alexander Street and Harrison Street.

The precise timing of the work is subject to change due to weather and other factors. Motorists are encouraged to check NJDOT’s traffic information website www.511nj.org for construction updates and real-time travel information and for NJDOT news follow the agency on Twitter @NewJerseyDOT or on the NJDOT Facebook page.

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Mercer County Clerk announces digitization and preservation of land records

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello announced that her office completed a book-scanning project that preserved and digitized over one million of Mercer County’s historic property records.

These records, dating back to the County’s inception in 1838, are now available to the public online.

This will allow for business transactions to take place more efficiently, via computer, permitting more of Mercer County’s property searches to be conducted remotely. It also preserves the records of the County for future generations.

The project involved the scanning of 1,214 books in the Mercer County Clerk’s vast record collection. It includes deeds dating back to January 1839, Mortgage Releases from the early to mid-20th century, and Chancery Notices, also known as “lis pendens,” recorded from 1932-1960, all on one platform. Once scanned, the images were uploaded onto the Mercer County Clerk’s land record management system, New Vision Systems, for online searching.

The preservation of historic records is a critical responsibility of the Mercer County Clerk’s Office.

County Clerk Sollami Covello said, “This project represents my ongoing commitment to innovation and public service. As Mercer’s official property recorder, I know the importance of this project to our region’s title companies and real estate professionals. I’m especially proud it preserves valuable historic information before that information was lost due to the decay of aging books or other damage.”

The scanning project involved meticulous planning and collaboration over several years. It was also completed with the utilization of advanced technologies by vendor, County Business Systems, following a competitive contracting process wherein it was stressed that the records must be clear and legible for real estate professionals and future generations to be able to read them. Some images were enhanced to improve readability while other technologies were implemented to eliminate the “bleed-through” of words from two-sided copies.

To access the digitized records online, individuals must first register by visiting the Mercer County Clerk’s Online Public Record Search Page.

For more information regarding the services of the Mercer County Clerk’s Office, please visit the Clerk’s page here. The County Clerk’s Office and its Public Record Room is located at 209 South Broad Street, Trenton, from Monday through Friday from 8:30 a.m. to 4:30 p.m. and late on Wednesdays until 6:45 p.m. (with the exception of three Wednesday evenings from July 19 through Aug. 2

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Family fun: Mercer 4-H Fair set for upcoming weekend

TRENTON, N.J. – The 104th Mercer County 4-H Fair featuring children’s activities, hayrides, animal shows, music, farm tours, exhibits and more will be held Saturday, July 29, and Sunday, July 30, at Howell Living History Farm in Hopewell Township.

 

      Photo: Animal shows will be among the many activities offered at the Mercer County 4-H Fair on Saturday, July 29, and Sunday, July 30, at Howell Living History Farm in Hopewell Township.  (Photo by Chad Ripberger).

Plenty of food and beverages, including homemade ice cream, will be available at the fair, which will run from 10 a.m. to 8 p.m. Saturday and from 10 a.m. to 4 p.m. Sunday. The opening ceremony will take place at 1 p.m. Saturday in the Show Tent.

4-H Fair exhibits showcase the talents of the general public as well as those of 4-H members, and it’s not too late to enter.

There are many “Open Division” categories for public entries, including arts and crafts, photography, gardening, clothing, baking and woodworking.

Please visit http://mercer.njaes.rutgers.edu/4h/fair, where you will find information about exhibiting at the fair and more. Projects will be received from the general public for entry in the fair on Thursday, July 27, from 3 to 7 p.m. at Howell Farm. In addition to judging by experts, fairgoers will vote on their favorite exhibits in each category on Saturday, July 29, and those receiving the most votes will be recognized on Sunday.

Admission and parking are free. Click here for 4-H Fair schedule and map.

 

4-H, a youth development program operated by Rutgers Cooperative Extension, provides research-based, hands-on learning experiences for youth in Mercer County. For more information about 4-H or entering projects in the fair, please contact Altaira Bejgrowicz at the Mercer County 4-H Office at (609) 989-6830 or bejgrowicz@njaes.rutgers.edu.

Howell Farm is owned by the County of Mercer and operated by the Mercer County Park Commission. It is located on Valley Road, just off Route 29, seven miles north of Washington Crossing. The GPS address is 70 Woodens Lane, Hopewell Township, NJ 08530.

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Graham Nash to be honored and will perform at the 43rd Annual John Lennon Tribute Benefit Concert for Theatre Within

Benefit Concert for Theatre Within

NEW YORK, N.Y. — Theatre Within, the non-profit behind the Annual John Lennon Tribute since 1981, will honor two-time Rock And Roll Hall of Famer Graham Nash as the ninth recipient of the “John Lennon Real Love Award” at its 43rd Annual John Lennon Tribute on Saturday, Dec. 2 at Town Hall.

Graham Nash, whose remarkable career spans from the British invasion with the Hollies, to the legendary Laurel Canyon scene with Crosby, Stills, Nash & Young, to his still vibrant solo concerts and recordings, will play some of his favorite John Lennon/Beatles classics and be joined by a lineup of acclaimed artists.

Folk legend Judy Collins will make her first Tribute appearance in over a decade; Rosanne Cash will perform for the third time, the first since she was chosen as 2018’s John Lennon Real Love Award honoree; Grammy award-winner Rita Coolidge will make a rare live appearance, her first-ever at the long-running benefit concert; and drummer/percussionist Rich Pagano, a founding member of the Fab Faux, will serve as Music Director for the 15th consecutive year.

Upon hearing that he had been chosen as this year’s honoree, Graham Nash said, “This is a very special award. I thank Yoko and the Theatre Within for thinking of me. Over many years, I watched John and Yoko ‘fight the good fight’ for many whose voices were not being heard, a fight that Yoko continues to this day. I’m proud to be associated with the many fine artists who were previously honored with the John Lennon Real Love Award.”

In a statement Yoko Ono said, “With its joyful Annual John Lennon Tribute and John Lennon Real Love Project, Theatre Within is furthering the vision that John and I shared for a better world.”

“Few artists have combined music and positive social activism with the seismic impact that Graham Nash has,” said Theatre Within Artistic Director and longtime Tribute producer/host, Joe Raiola. “It’s fitting that Graham is being joined by so many music greats.”

Previous recipients of the prized award include Natalie Merchant, Patti Smith, Ani DiFranco and Donovan.

Proceeds from the Tribute support Theatre Within’s ongoing free workshops in creative expression and mindfulness, including the John Lennon Real Love Project songwriting program, for the cancer community, elementary and middle schools, and youth in crisis.

In 2023, for the fourth consecutive year, Theatre Within is providing 200 free workshops for children and adults impacted by cancer through the Red Door Community (formerly Gilda’s Club NYC) and other regional cancer support communities.

Since the John Lennon Real Love Project elementary and middle school program launched in the spring of 2021, Theatre Within has brought the program to 17 schools. Students write new lyrics to “Real Love” and then record their own version of the song accompanied by John Lennon’s original vocal and piano track.

Tickets for Theatre Within’s 43rd Annual John Lennon Tribute are on sale starting July 22 at 12pm at LennonTribute.org. (Town Hall  is located at 123 W. 43rd Street).

John Lennon and Beatles fans are invited to join “Friends of the Annual John Lennon Tribute” at LennonTribute.org/join-friends, where VIP packages are available.

The Annual John Lennon Tribute is produced in association with Music Without Borders. It remains the only John Lennon tribute concert in the world to be sanctioned by Yoko Ono.

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Gov. Murphy signs package of housing affordability bills, earlier this month

Builds on the Murphy Administration’s Historic Investments in Affordable Housing

 

TRENTON, N.J. – Gov. Phil Murphy signed a package of bills supporting housing affordability in New Jersey for the new Fiscal Year 2023-24 at the beginning of July.

The three-bill package advances the Murphy Administration’s efforts to prioritize housing investments and initiatives, making New Jersey a more affordable place to live, work, and raise a family.

“As we strive to make New Jersey more affordable for all, we must ensure we remove barriers that prevent people from becoming homeowners,” said Governor Murphy.

“Stable and affordable housing has the potential to be transformative in people’s lives as well as our communities. I am proud to sign legislation that will not only expand opportunities for first-time homebuyers and those seeking affordable housing, but will further advance our state as the best place in the nation to raise a family.”

The three bills signed today include:

  • A-5596/S-3991, which establishes the Urban Preservation Program within the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Supported by an $80 million investment of federal American Rescue Plan (ARP) funds in the FY2024 budget, the Program allows investments in rehabilitation and reconstruction projects dedicated to preserving affordable housing in urban areas.
  • A-5595/S-4026, which expands certain State programmatic interventions related to residential foreclosures. Supported by a $15 million investment of ARP funds in the FY2024 budget, this bill provides NJHMFA with a broader set of tools to intervene in foreclosures, keeping New Jerseyans in their homes and rehabilitating and reselling vacant homes.
  • A-5415/S-3780, codifies and expands NJHMFA’s immensely successful down payment assistance program, building on the Governor’s Wealth Disparity Task Force’s work to ensure meaningful benefits specifically for first-generation homebuyers . The bill also establishes Resilient Home Construction Pilot Program in DCA to provide funding for developers to rehabilitate existing homes and construct new affordable homes for sale.

 

“The three housing bills signed today provide breakthrough opportunities for citizens to establish roots and enrich communities in the great state of New Jersey. As the most densely populated state in the U.S., the need for quality, affordable housing for low, and moderate-income residents and opportunities for first-generation homebuyers is a priority. Stable housing provides a stable workforce for business expansion and economic vitality. With homeownership and affordable housing, comes thriving communities, strengthened family bonds, and stable homes for children,” said Lt. Governor Sheila Oliver, who also serves as Commissioner, Department of Community Affairs.

“This legislation, in conjunction with the fiscal year 2024 budget, meaningfully advances the Murphy-Oliver administration’s historic commitment to housing affordability in New Jersey. We thank our partners in the legislature for their tireless advocacy and are committed to utilizing these resources to produce, preserve, and provide access to homes that are affordable to all New Jersey residents,” said NJHMFA Executive Director Melanie R. Walter.

“Owning a home is a key component of the American Dream and critical to creating generational wealth,” said Senator Singleton, Chair of the Senate Community and Urban Affairs Committee.

“But, for so many, saving enough for the necessary down payment has made homeownership unattainable and those that do manage to buy a home are often one catastrophe away from losing it. By providing financial assistance to first-time homebuyers and expanding access to foreclosure intervention, we can make homeownership more affordable, accessible and most importantly, sustainable.”

“In our approach to expanding access to affordable housing, we have to consider the current impact of the affordability crisis and lack of income growth for working families,” said Senator Brian Stack, nothing that the Urban Preservation Program “is an investment that will preserve and bolster the supply of affordable housing for low and moderate income families within our urban communities.”

“Housing is a human right,” said Assemblywoman Yvonne Lopez.

“Access to safe, affordable housing is life changing for struggling families. In too many households, the majority of a family’s monthly income goes towards housing costs, leaving little to cover bills, food, health care, and other essentials. By expanding existing programs and supporting the redevelopment of residential properties, we are putting affordable housing in reach for New Jerseyans.”

“New Jersey families should not have to live paycheck to paycheck struggling to make ends meet due to the overwhelming cost of housing. We need to fine viable solutions to New Jersey’s affordable housing shortages,” said Assemblyman Benjie Wimberly.

“Investing in programs that increase affordable housing options for New Jerseyans will help combat housing instability and reduce the number of residents at risk of homelessness.”

“Every family in New Jersey deserves the opportunity to purchase their dream home, and we can do more to help young people overcome barriers to homeownership that for too long have prevented them from putting down roots in our state,” said Assembly Majority Leader Louis D. Greenwald.

“Buying a home is a significant milestone in a person’s life. For many, it’s the first step to growing a family and building generational wealth. By providing down payment assistance to certain first-time homebuyers and establishing a Resilient Home Construction Pilot Program, we are making homes more affordable and accessible for New Jersey families.”

“Fair Share Housing Center commends Governor Murphy, Lieutenant Governor Oliver, and the sponsors of this critical legislation to address significant facets of our state’s housing crisis,” said Adam Gordon, Executive Director, Fair Share Housing Center.

“By maintaining and rehabilitating public and affordable housing in New Jersey’s cities, the Urban Preservation Program will help keep families in their homes and prevent displacement. And the First-Generation Homebuyer Down Payment Assistance Program will help close our state’s massive racial wealth gap by giving lower-income Black and Brown families, historically redlined out of opportunity, access to building generational wealth.”

 

“Access to quality, affordable homes is a serious concern in NJ and it’s going to take bold investments and policy interventions to get us on a path where we can HouseNJ, making our state a place everyone can afford to call home,” said Staci Berger, president and chief executive officer of the Housing and Community Development Network of New Jersey.

 

“We thank the Murphy Administration and legislative leaders for prioritizing housing affordability, creating opportunities for lower-income residents, and helping New Jerseyans stay in their homes.”

 

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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National Integrated Group Plan averts insolvency and reduction of benefits through receipt of Special Financial Assistance

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) recently announced that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the National Integrated Group Pension Plan (National Integrated Group Plan). The plan, based in Scranton, Pa., covers 48,254 participants in the manufacturing industry.

The National Integrated Group Plan will receive approximately $887.1 million in special financial assistance, including interest to the expected date of payment to the plan. The plan was projected to run out of money in 2034. Without the SFA Program, the National Integrated Group Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 15 percent below the benefits payable under the terms of the plan. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.

“These 48,254 manufacturing workers went to work with the promise of a pension when they retired. Today, the Biden-Harris Administration has fulfilled that promise,” said Assistant Secretary of Labor for Employee Benefits Security Lisa M. Gomez.

“Under President Biden’s leadership, the National Integrated Group Plan received Special Financial Assistance to deliver the pensions that these manufacturing workers have earned.”

About the Special Financial Assistance Program

The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multi-employer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned.

The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC’s regulations. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. Plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multi-employer plans that receive SFA.

As of June 29, 2023, PBGC has approved about $49.7 billion in SFA to plans that cover over 687,000 workers, retirees, and beneficiaries.

The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective Aug. 8, 2022, and was amended effective Jan. 26, 2023.

About PBGC

PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multi-employer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multi-employer Program is financed by insurance premiums. Special financial assistance for financially troubled multi-employer plans is financed by general taxpayer monies.

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Governor Murphy recently signs Fiscal Year 2024 budget into law

Budget Provides Historic Levels of Property Tax Relief, Another Record Investment in School Funding

Increases Investments in Affordable Housing, Higher Education, and Economic Growth

Continues Path of Fiscal Responsibility with Another Full Pension Payment of $7.1 Billion and Surplus of over $8 Billion

TRENTON, N.J. – Governor Phil Murphy signed the Fiscal Year 2024 Appropriations Act into Law June 30, building on the historic progress made over the last five years with new investments centered around increasing affordability, promoting fiscal responsibility, and creating world-class opportunities for everyone to succeed.

The budget approved by the Legislature earlier in the day provides record levels of direct property tax relief with additional aid for seniors and renters while once again providing the highest level of school funding in history; making a third consecutive full pension payment; and supporting significant investments in the economy, workforce development, and affordable housing.

The Governor signed the budget in the rotunda of the newly renovated New Jersey State House where he was joined by Senate President Nicholas Scutari, Assembly Speaker Craig Coughlin, Senate Majority Leader M. Teresa Ruiz, Assembly Majority Leader Louis D. Greenwald, Senate Budget Chair Paul Sarlo, Assembly Budget Chair Eliana Pintor Marin, and State Treasurer Elizabeth Maher Muoio.

“When I first proposed this budget, I said it was a budget designed with a singular purpose – to continue building an economy where every family can afford to make their American Dream come true. Today we are delivering on that promise,” said Governor Murphy.

“Over the last two years we have committed over $6 billion in direct property tax relief, tackling one of the single greatest and longest standing affordability challenges our state faces. This budget will also lower prescription-drug costs for seniors, help hardworking families by expanding free pre-K for kids, create good-paying jobs and fight climate change by building a green economy, expand mental health services for our kids, build and preserve affordable housing so everyone has a place they can call home, help first-generation homebuyers achieve the safety and security of owning a home, and so much more. We are accomplishing all of this in a fiscally responsible way. This budget continues to fully deliver on our commitments to our pension payments and school funding, while also maintaining a healthy surplus.”

“The budget signed into law today will help make New Jersey more affordable for hardworking residents and families by boosting tax relief and investing in affordable housing, social services, and education,” said Lt. Governor Sheila Y. Oliver, who serves as Commissioner of the Department of Community Affairs.

“This budget demonstrates that we remain steadfast in our commitment to providing New Jerseyans of all walks of life the opportunity and resources to thrive.”

“This is a great budget for the people of New Jersey. It will help make their lives more affordable with an historic amount of property tax relief, including increased rebates, an expansion of Senior Freeze and a down payment on StayNJ, which will provide additional tax relief for senior citizens,” said Senate President Nicholas Scutari.

“We are also distributing $150 million in energy tax receipts to municipalities to further hold down property taxes. This is a fiscally-responsible spending plan that includes a record level of school funding, a full pension payment and a surplus of more than $10 billion. This budget will help improve the lives and livelihoods of New Jersey’s residents in meaningful ways.”

“This budget ensures our state will be more affordable for everyone,” said Assembly Speaker Craig Coughlin.

“It also meets our obligations with yet another full pension payment, increases in school aid, support for our most vulnerable neighbors, and a healthy surplus for any future economic uncertainty. I am especially proud of what we’ve done for New Jersey seniors, with the StayNJ program set to deliver historic property tax relief. I proposed StayNJ because seniors deserve the dignity of remaining in their homes, enjoying their later years near their families. Thanks to Governor Murphy, Senate President Scutari, and all our partners in the legislature for their work on this. We have demonstrated that we can do big, bold things for New Jersey while being fiscally responsible.”

“The budget signed today represents the culmination of months of long meetings and thoughtful deliberations and includes significant investments in our communities, our families and our future,” said Senate Majority Leader M. Teresa Ruiz.

“We are doubling the child tax credit, continuing on the pathway towards universal Pre-K and once again increasing school funding. We are continuing to fund the postpartum home visitation program and lifesaving mental health initiatives. This budget represents our continued effort to make New Jersey more affordable for all of our residents while making lasting investments in our children and the institutions and programs which will nourish their growth and success.”

“The FY24 State Budget reflects our shared priorities, spending on programs that will make a difference in the lives of New Jersey residents while maintaining a healthy surplus,” said Assembly Majority Leader Louis D. Greenwald.

“New Jersey residents will benefit from new and expanded property tax relief programs and an expanded child tax credit. We are funding programs to support education, affordable housing and healthcare, which will have a meaningful impact.”

“This is a responsive and responsible budget that meets the economic challenges of our time,” said Senate Budget Committee Chairman Paul Sarlo.

“It will provide significant tax relief, install economic safeguards and help fuel economic growth. It addresses our top priority of making the lives of New Jersey’s residents more affordable. It includes a full pension payment, a record amount of school aid, a robust surplus to protect against economic uncertainty and a debt defeasance fund to drive down debt. We need to continue to be fiscally responsible with the use of our resources at the same time we expand economic opportunities that build a better future for New Jersey and our residents.”

“This budget highlights the priorities of a New Jersey that values its residents, promotes inclusivity, and invests in our future,” said Assembly Budget Committee Chairwoman Eliana Pintor Marin.

“Together, we are ensuring that hardworking families receive the retirement security they deserve, access to safe and affordable homes, relief from property taxes, and quality education that empowers our children to thrive.”

“I would like to thank my staff at the Department of the Treasury, particularly the hardworking folks at the Office of Management and Budget and the Office of Revenue and Economic Analysis for their tireless dedication and professionalism. The budget signed by the governor today continues our commitment to making the state a more affordable place to live, work, raise a family, and retire,” said State Treasurer Elizabeth Maher Muoio.

“With unprecedented tax relief for our seniors and middle-class families, a third full pension payment in as many years, record funding of our best-in-the-nation schools and a budget surplus of approximately 15 percent, this budget maintains sound fiscal management that helps prepare for the Next New Jersey.”

The $54.5 billion budget for Fiscal Year (FY2024) includes a historic surplus of $8.3 billion, which is more than 15 percent of budgeted appropriations, dwarfing the surplus inherited five years ago.

Increasing Affordability

With the FY2024 budget, a total of 20 tax cuts for working and middle-class families and seniors have been enacted under the Murphy Administration, including more than $2 billion in direct property tax relief for the second year of the ANCHOR property tax relief program. As the State begins to phase-in the newly enacted StayNJ property tax relief program championed by Assembly Speaker Coughlin, ANCHOR will provide a $250 boost in relief for senior homeowners and renters this year. Eligible senior tenants will now see their relief boosted by more than 55 percent to $700 in the coming year and homeowners will receive $1,250 or $1,750, depending on their income.

 

The StayNJ senior property tax credit affordability program expands income limits and modifies ownership requirements with the aim of cutting property taxes in half for many eligible New Jersey seniors by providing a direct credit of up to $6,500 on property tax bills when fully implemented.

 

Additional relief for seniors was also enacted alongside the budget, which will expand eligibility for the Senior Freeze property tax relief program next year for those with incomes up to $150,000, up from roughly $100,000. To further help boost affordability for seniors, the budget and legislation signed alongside it (S3/A3), sponsored by Senator Joseph Vitale and Assemblyman Chris Tully, also increases eligibility for the State’s senior prescription drug and hearing aid programs to help make New Jersey more affordable for individuals of all ages.

 

In addition to raising the income eligibility limits for the Pharmaceutical Assistance to the Aged and Disabled Program (PAAD) to benefit more seniors, the new law includes a number of directives to encourage enrollment in both PAAD and the Senior Gold Prescription Program, including establishing a grant program in the Department of Human Services to support the hiring and training of Senior Save Navigators to assist residents in applying for programs such as PAAD and Senior Gold.

 

For working- and middle-class families, the budget delivers significant relief by including the Governor’s proposal to double the Child Tax Credit that was enacted last year. The program will now provide up to $1,000 per child under age six for families earning under $30,000.

 

For the second year in a row, the budget includes a back-to-school sales tax holiday and waives the fee for entrance into all State parks for another year, including Island Beach State Park. To help boost the ranks of teachers in New Jersey the budget also waives the fee for teacher certification, as proposed by the Governor this year.

 

For the sixth straight year, the Governor has also promised no fare increases for NJ TRANSIT commuters.

 

Additionally, the budget continues to increase indirect property tax relief by providing $150 million in Energy Tax Receipts-related payments to extend the Municipal Relief Fund for an additional year, doubling last year’s funding, which is designed to offset the burden on local property taxpayers by providing additional aid to municipalities.

Expanding Educational Opportunity

The budget also supports the Governor’s commitment to supporting New Jersey’s best-in-the-nation public education system by providing another record total of $11 billion in direct K-12 aid for public schools, including an increase of $832 million, as well as $103 million in supplemental stabilization aid enacted in April for school districts adjusting to changes in aid based on enrollment. With this latest budget, the State has now increased overall K-12 support to New Jersey’s public schools by more than $2.6 billion over six years, a more than 30 percent increase, all of which helps offset local property taxes.

Advancing the Governor’s goal of universal pre-K, the budget includes an additional $116 million for pre-school education aid, $40 million of which will go towards expanding programs in new districts as well as other critical needs for further expansion.

Additionally, the Governor is working to shore up the ranks of teachers, budgeting over $20 million in new investments and other supports to help ensure New Jersey has the trained and dedicated workforce to provide a top-quality education for public school students years into the future. This includes $10 million for student teacher stipends to help future educators meet the costs of living while working and studying for their credentials, $5 million to waive teacher certification fees, $2 million for Culture and Climate Innovation Grants to help improve educator quality of life, $1 million for the Teachers Loan Redemption Program, $1 million to develop local partnerships for para-professional training, $800,000 for a teacher apprenticeship program, and $500,000 to expand the Teacher Leader Network. The proposed budget also maintains funding for Men of Color Hope Achievers (MOCHA) and the Minority Teacher Development Programs to support a diverse educator workforce.

To accelerate learning outcomes, the State will also dedicate nearly $55 million this year in federal funds for learning acceleration and other recovery programs, as proposed by the Governor.

The budget also strengthens the Governor’s “College Promise” programs by increasing the eligibility threshold for both the Community College Opportunity Grant and the Garden State Guarantee so that students with family incomes up to $100,000 can benefit. Additionally, the budget increases the value of Tuition Aid Grants for over 20,000 students and expands the Some College, No Degree program, so that former students with some credit receive the support they need to complete school.

The budget also provides over $150 million in the Outcomes-Based Allocation this year for State colleges and universities, compared to $55 million in FY2023, to help keep tuition affordable and support the next generation of New Jersey’s educated workforce. Additionally, it includes $70 million to help cover fringe benefit costs at public research universities, an additional $20 million for community colleges, and an additional $5 million for independent colleges and universities.

Increasing Affordability

With the FY2024 budget, a total of 20 tax cuts for working and middle-class families and seniors have been enacted under the Murphy Administration, including more than $2 billion in direct property tax relief for the second year of the ANCHOR property tax relief program. As the State begins to phase-in the newly enacted StayNJ property tax relief program championed by Assembly Speaker Coughlin, ANCHOR will provide a $250 boost in relief for senior homeowners and renters this year. Eligible senior tenants will now see their relief boosted by more than 55 percent to $700 in the coming year and homeowners will receive $1,250 or $1,750, depending on their income.

 

The StayNJ senior property tax credit affordability program expands income limits and modifies ownership requirements with the aim of cutting property taxes in half for many eligible New Jersey seniors by providing a direct credit of up to $6,500 on property tax bills when fully implemented.

 

Additional relief for seniors was also enacted alongside the budget, which will expand eligibility for the Senior Freeze property tax relief program next year for those with incomes up to $150,000, up from roughly $100,000. To further help boost affordability for seniors, the budget and legislation signed alongside it (S3/A3), sponsored by Senator Joseph Vitale and Assemblyman Chris Tully, also increases eligibility for the State’s senior prescription drug and hearing aid programs to help make New Jersey more affordable for individuals of all ages.

 

In addition to raising the income eligibility limits for the Pharmaceutical Assistance to the Aged and Disabled Program (PAAD) to benefit more seniors, the new law includes a number of directives to encourage enrollment in both PAAD and the Senior Gold Prescription Program, including establishing a grant program in the Department of Human Services to support the hiring and training of Senior Save Navigators to assist residents in applying for programs such as PAAD and Senior Gold.

 

For working- and middle-class families, the budget delivers significant relief by including the Governor’s proposal to double the Child Tax Credit that was enacted last year. The program will now provide up to $1,000 per child under age six for families earning under $30,000.

 

For the second year in a row, the budget includes a back-to-school sales tax holiday and waives the fee for entrance into all State parks for another year, including Island Beach State Park. To help boost the ranks of teachers in New Jersey the budget also waives the fee for teacher certification, as proposed by the Governor this year.

 

For the sixth straight year, the Governor has also promised no fare increases for NJ TRANSIT commuters.

 

Additionally, the budget continues to increase indirect property tax relief by providing $150 million in Energy Tax Receipts-related payments to extend the Municipal Relief Fund for an additional year, doubling last year’s funding, which is designed to offset the burden on local property taxpayers by providing additional aid to municipalities.

Expanding Educational Opportunity

The budget also supports the Governor’s commitment to supporting New Jersey’s best-in-the-nation public education system by providing another record total of $11 billion in direct K-12 aid for public schools, including an increase of $832 million, as well as $103 million in supplemental stabilization aid enacted in April for school districts adjusting to changes in aid based on enrollment. With this latest budget, the State has now increased overall K-12 support to New Jersey’s public schools by more than $2.6 billion over six years, a more than 30 percent increase, all of which helps offset local property taxes.

Advancing the Governor’s goal of universal pre-K, the budget includes an additional $116 million for pre-school education aid, $40 million of which will go towards expanding programs in new districts as well as other critical needs for further expansion.

Additionally, the Governor is working to shore up the ranks of teachers, budgeting over $20 million in new investments and other supports to help ensure New Jersey has the trained and dedicated workforce to provide a top-quality education for public school students years into the future. This includes $10 million for student teacher stipends to help future educators meet the costs of living while working and studying for their credentials, $5 million to waive teacher certification fees, $2 million for Culture and Climate Innovation Grants to help improve educator quality of life, $1 million for the Teachers Loan Redemption Program, $1 million to develop local partnerships for para-professional training, $800,000 for a teacher apprenticeship program, and $500,000 to expand the Teacher Leader Network. The proposed budget also maintains funding for Men of Color Hope Achievers (MOCHA) and the Minority Teacher Development Programs to support a diverse educator workforce.

To accelerate learning outcomes, the State will also dedicate nearly $55 million this year in federal funds for learning acceleration and other recovery programs, as proposed by the Governor.

The budget also strengthens the Governor’s “College Promise” programs by increasing the eligibility threshold for both the Community College Opportunity Grant and the Garden State Guarantee so that students with family incomes up to $100,000 can benefit. Additionally, the budget increases the value of Tuition Aid Grants for over 20,000 students and expands the Some College, No Degree program, so that former students with some credit receive the support they need to complete school.

The budget also provides over $150 million in the Outcomes-Based Allocation this year for State colleges and universities, compared to $55 million in FY2023, to help keep tuition affordable and support the next generation of New Jersey’s educated workforce. Additionally, it includes $70 million to help cover fringe benefit costs at public research universities, an additional $20 million for community colleges, and an additional $5 million for independent colleges and universities.

Promoting Fiscal Responsibility

In addition to a record projected ending surplus of $8.3 billion – 20 times larger than the surplus the Murphy Administration inherited – the FY2024 budget also makes good on the Administration’s commitment to public sector employees by including the third consecutive full pension payment. The $7.1 billion payment, which includes contributions from the State Lottery, brings the total contribution to the pension fund under the Murphy Administration to $32.6 billion, nearly triple the $12.2 billion paid under the previous six administrations combined. The FY2024 payment will mark the first time in a quarter of a century that the State has contributed 100 percent of the Actuarially Determined Contribution three years in a row.

The budget also puts additional money in the Debt Defeasance and Prevention Fund, bringing the current available balance to $2 billion to support important State infrastructure projects and avoid incurring new debt in the future. The FY2024 deposit brings the total allocation to the fund to $9.25 billion over the last two years, which has been used to retire existing debt while setting aside money to pay for upcoming projects that might otherwise be bonded. Over a two-year period, $3.5 billion from the fund has already been used to defease $4.7 billion in State debt service through FY2042, saving the State’s taxpayers $1.2 billion.

The continued commitment by the Governor and the Legislature to bolster the pension system, reduce debt, and build up the State’s surplus has saved taxpayers money and garnered a total of seven credit rating upgrades from the four major rating agencies over the last 16 months.

The budget also includes substantial funding to continue upgrading the State’s service-based infrastructure to ensure a more efficient delivery of essential services to taxpayers, including more than $40 million to continue improving the unemployment insurance system, digitizing more services at the Motor Vehicle Commission, and expanding the Division of Taxation’s property tax relief call center.

Expanding Opportunity and Promoting Economic Growth

The budget also places a concerted focus on expanding opportunities for every New Jerseyan in tandem with supporting economic growth, a hallmark of Governor Murphy’s time in office.

An $80 million allocation of federal American Rescue Plan (ARP) funds will be used to create an Urban Investment Fund and Atlantic City Economic Foundations Fund to work alongside current and proposed business incentive programs. The funds will aid in the revitalization of urban areas and catalyze new economic and community activity where shifting patterns of work and commuting since the pandemic have reduced foot traffic and created ongoing challenges to community vitality.

Grants from the fund would be flexible and responsive to the needs of cities and could include funding to reimagine the use of now-underutilized office space, support capital construction projects that renovate or restore vacant buildings, or build new destinations and spaces for urban communities. As proposed by the Governor in February, the budget also includes a specific set-aside for Atlantic City to improve public safety, rebuild distressed housing, and diversify economic development in the city.

The FY2024 budget also allocates $50 million in continued support for the Main Street Recovery Program, which funds multiple financial assistance products aimed at supporting the growth and success of small businesses in New Jersey.

The budget continues to expand job opportunities for New Jerseyans, increasing the allocation for the Workforce Development Partnership Fund (WDPF) by $5 million, to $27.5 million, to invest in apprenticeships, pre-apprenticeships, on-the-job training, and other programs that develop skills while bringing more women and minorities into job training opportunities. The State has invested a total of $50 million through grant programs since the Governor took office to create and develop work-based learning, pre-apprenticeship and apprenticeship programs across the state.

The budget also includes significant investments to grow New Jersey’s green economy and combat climate change, including $12 million more for the Clean Energy Program, which previously went to NJ TRANSIT, a $40 million Green Fund to leverage both private capital and federal funds, $20 million for the Resilience and Stormwater Planning and Infrastructure program, and an additional $10 million to support the continued installation of EV charging infrastructure throughout the State.

Additionally, the budget agreement includes $20 million to support the creation of a Social Impact Investment Fund, an innovative new financing tool to provide below-market loans for socially conscious projects in distressed municipalities.

The budget agreement also includes the $100 million Boardwalk Fund Governor Murphy initially proposed in February, which will support repairs and renovations to boardwalks up and down the Jersey shore that support the State’s tourism industry and provide a crucial economic engine.

The budget also includes an additional $20 million for continued development of the ambitious, new, nine-mile Greenway that will convert a former rail line into a new State park connecting eight Essex and Hudson County communities.

The budget agreement not only reduces NJ TRANSIT’s capital-to-operating transfer to its lowest level in 21 years, it also includes $137 million in new funding from the Debt Defeasance and Prevention Fund to match federal funding earmarked for transportation-related capital investments. Additionally, the budget will expand the Department of Transportation’s innovative Simple Fix Safety program.

The FY2024 budget also funds substantial investments to improve public health and social outcomes and reduce long-standing disparities.

To that end, the budget includes nearly $300 million for a host of housing affordability initiatives, including over $100 million in federal ARP funds to build upon last year’s $300 million landmark creation of the Affordable Housing Production Fund. A new Urban Preservation Fund will provide $80 million to maintain affordability of existing units in New Jersey cities, and additional funds will be used to develop new workforce housing units to improve affordability in transit-served areas, enhance urban vitality, and launch a Resilient Homes Construction Pilot program to expand building stock and affordable homeownership across the state. All told, the Murphy Administration will have committed over $1.3 billion in federal ARP funds to housing programs over the last three fiscal years.

Drawing on the work of the Wealth Disparity Task Force, the budget also includes an additional $15 million to enhance the existing Down Payment Assistance Program to provide game-changing assistance for first-generation homebuyers and help families who have been excluded from homeownership for generations.

The budget also includes over $300 million more than last year in ARP and State funding to support hospital capital investments to bolster New Jersey’s public health infrastructure. This includes $30 million to create the City of Newark Access to Health Care Partnership, and $60 million in additional funding for University Hospital to expand and improve its emergency and maternity departments.

Additionally, the budget includes $86 million that was initially proposed by the Governor in February to support a one-time program through the Department of Human Services to subsidize training and recruitment for mental health, substance use, and developmental disabilities service providers to help address what has become a national crisis.

As part of Governor Murphy’s national leadership on youth mental health, the budget also includes $43 million to launch the New Jersey Statewide Student Support Services (NJ4S) network, which will deliver wellness and prevention supports from regional hubs. An additional $40 million will support providers across multiple divisions in the Department of Children and Families, including the Children’s System of Care.

The budget also continues to invest in improving maternal and infant health and mortality rates throughout New Jersey. As part of First Lady Tammy Murphy’s Nurture NJ initiative, the proposed budget includes new funds for a maternal health data center and to train community health workers and doulas. Additionally, $15.6 million in State funding will support the continued expansion of the landmark, statewide Universal Newborn Home Nurse Visitation Program, putting New Jersey further along the path to being one of the first states in the nation to provide this critical care for all mothers and newborns within the first two weeks of birth.

The budget also continues to provide crucial investments to make health care more affordable and accessible for every New Jerseyan, leveraging State and federal funding through the Get Covered New Jersey exchange, while also supporting Cover All Kids and funding a $10 million pilot program to eliminate personal medical debt.

To address the disparate, long-term impact that many justice system fees and fines can have on people of limited means, the budget includes Governor Murphy’s proposal to eliminate public defender fees, which are currently assessed on indigent clients regardless of whether they are ultimately found guilty. Additionally, the budget provides funding for the Parole Revocation Defense Unit and to increase the rates paid to attorneys assisting the Office of the Public Defender to help ensure that residents of limited means have access to an effective legal defense.

The budget also includes the Governor’s proposal to provide over $8 million in increased State funds to support the first-in-the-nation statewide expansion of the ARRIVE Together program, which stands for Alternative Responses to Reduce Instances of Violence and Escalation and pairs police officers and State Troopers with mental health professionals when responding to a person who is experiencing a mental health crisis.

To ensure that the State’s first responders and law enforcement professionals receive the training and equipment necessary to protect and serve New Jersey’s nine million residents, the budget funds the Governor’s proposed doubling of the successful Firefighters Grant Program, bringing the total to $20 million. The budget also makes significant investments to strengthen the ranks of the New Jersey State Police, allocating $120 million to begin building a new training center for the next generation of New Jersey State Police and including an additional $5 million for the 166th State Trooper recruit class.

An additional one-page policy summary on the central commitments of the FY2024 budget can be found online here.

In addition to the Appropriations Act, Governor Murphy also signed the following bills into law today:

A-1/S-1 (Coughlin, Greenwald, Freiman, Swain, Moriarty, Wimberly, Lopez, Tully/Scutari, Gopal, Lagana) – Establishes Stay NJ senior property tax credit affordability program; expands income limit and modifies ownership requirement for eligibility to receive homestead property tax reimbursement; appropriates not more than $300 million

S-3980/A-5673 (Sarlo/Freiman) – Credits $400 million to “New Jersey Debt Defeasance and Prevention Fund”; appropriates $371 million to DOC, DLPS, South Jersey Port Corporation, and DOT; establishes process for authorizing future appropriations for debt defeasance and capital projects

A-5668/S-3978 (Pintor Marin/Sarlo) – Makes FY 2023 supplemental appropriations of $158,525,000 and modifies certain language provisions

A-5590/S-3941 (Lampitt, Carter, Jasey/Gopal) – Waives certain certification and credentialing fees for teachers for one year

S-3940/A-5672 (Ruiz, Singleton/Reynolds-Jackson, Speight, Spearman) – Increases child tax credit under gross income tax

A-3/S-3 (Tully, Moriarty, McKnight, Freiman, Quijano, Mukherji, Swain, Carter/Vitale, Lagana, Zwicker) – Revises income eligibility criteria for, and provides for promotion of, PAAD and Senior Gold Prescription Discount Program; establishes “Senior Save Navigator Grant Program” to assist applicants with NJ Save applications.

A-590/S-405 (Spearman, McKnight, Haider/Johnson, Singer) – Codifies, and increases under certain circumstances, current minimum Medicaid per diem reimbursement rates for assisted living residences, comprehensive personal care homes, and assisted living programs; makes appropriation

A-5082/S-3587 (Greenwald, Mukherji, McKnight/Lagana, Gopal) – Establishes Medicaid per diem rate for pediatric medical day care services delivered by provider offering on-site services; appropriates $3.6 million to DHS

A-5173/S-2362 (McKnight, Speight, Tully/Beach, Madden) – Requires hourly reimbursement rate for home health aide services provided through Statewide Respite Care Program and Jersey Assistance for Community Caregiving Program to be no less than Medicaid fee-for-service rate for personal care services; makes appropriation

A-4674/S-3278 (Moriarty, Danielsen, McKnight/Stanfield, Bucco) – Concerns eligibility for senior freeze reimbursement if eligible claimant exceeds income limit

S-2857/A-4167 (Gopal, Ruiz/Benson, Sumter, Verrelli) – Establishes “Sustainable New Jersey Fund” in DEP to support certain sustainability initiatives; appropriates $1 million

A-5209/S-3615 (Freiman/Sarlo, Zwicker) – Establishes Agritourism Fund; requires annual appropriation of $2.5 million from General Fund; appropriates $2.5 million

S-4052/A-5654 (Smith/Freiman, Reynolds-Jackson, Quijano) – Appropriates $9,184,427 to DEP from constitutionally dedicated CBT revenues for grants to certain nonprofit entities to acquire or develop lands for recreation and conservation purposes, and for certain administrative expenses.

S-4018/A-5584 (Johnson, Turner/Jimenez, Freiman, Moriarty) – Revises New Jersey False Claims Act to comply with federal law for purposes of entitling State to enhanced recovery in Medicaid fraud cases

A-2190/S-3075 (Caputo, Chaparro, Greenwald/Beach, Polistina) – Extends authorization for Internet gaming law to 2028

A-5606/S-3953 (Haider, Moen/Sarlo) – Appropriates unexpended funds from “1999 Statewide Transportation and Local Bridge Fund”

Revenue Certification

S-2024/A-5669 (Sarlo/Pintor Marin) – LINE ITEM VETO – Appropriates $54,357,547,000 in State funds and $26,144,171,463 in federal funds for the State budget for fiscal year 2023-2024.

Line Item Veto Statement

Line Item Veto Message

The Governor also conditionally vetoed the following bills earlier today and signed them later in the day upon concurrence by the Legislature:

A-4701/S-3144 (Pintor Marin, Speight, Schaer/Gopal, Ruiz, Singer) – Supplemental appropriation of $3.6 million to DHS to increase adult medical day care Medicaid per diem rate from $86.10 to $89.54

Conditional Veto Message

S-4053/A-5655 (Greenstein, Turner/Sumter, Tully) – Appropriates $87,783,515 from constitutionally dedicated CBT revenues and various Green Acres funds to DEP for local government open space acquisition and park development projects, and for certain administrative expenses.

Conditional Veto Message

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/