New Jersey § 52:18a-268

§ 52:18a-268.

Following the selection of a fund manager, the State Treasurer shall invest moneys

appropriated to the Social Impact Investment Fund in one or more special purpose vehicles

developed, managed, and maintained by the fund manager pursuant to paragraph (1) of

subsection b. of section 3 of P.L.2023, c. 67 ( C.52:18A-267 ). Permissible uses of fund capital invested in a special purpose vehicle shall be

as follows: a. to facilitate the financing of water and transportation infrastructure components

of redevelopment projects in financially impaired municipalities through the provision

of limited guarantees, debt reserve fund collateral, or subordinated loans for the

municipalities. Any funds provided for the purposes of this subsection shall be transferred to the

New Jersey Infrastructure Bank for purposes in accordance with the provisions of P.L.1985,

c. 334 ( C.58:11B-1 et seq. ) and shall be subject to the terms of an agreement between the special purpose vehicle

and the New Jersey Infrastructure Bank. The agreement shall, at a minimum, set forth the various lien positions and the

rights and liabilities of each entity and its impacts on the other creditors. Repayment of the amount transferred from the special purpose vehicle and any special

purpose vehicle funds, net of returns on private capital investment, no longer needed

to act as support for the purposes of this section shall be returned to the Social

Impact Investment Fund. Notwithstanding the provisions of section 23 of P.L.1985, c. 334 ( C.58:11B-23 ) or any other law to the contrary, moneys received by the New Jersey Infrastructure

Bank pursuant to P.L.2023, c. 67 ( C.52:18A-265 et seq. ) may be expended consistent with the provisions of P.L.2023, c. 67 ( C.52:18A-265 et seq. ); b. to provide predevelopment loans, in consultation with the New Jersey Housing and

Mortgage Finance Agency, to qualifying affordable housing developers that are seeking

to participate in Low Income Housing Tax Credit supported development under the Unified

Application for New Jersey Housing and Mortgage Finance Agency Multifamily Rental

Housing Production Programs; and c. to facilitate the financing of construction and maintenance of early childhood

education facilities, for children age zero through pre-K, in financially impaired

municipalities, as determined by the Division of Early Childhood Education in the

Department of Education.