Gov. Phil Murphy (D-N.J.) announced a new proposal on Friday that will allocate approximately $700 million toward stimulating economic growth and enhancing public health throughout the state, according to a press release.
This funding is the result of an agreement with state legislative leaders and will include the allocation of $435 million from the New Jersey Debt Defeasance and Prevention Fund and $262.6 million from the American Rescue Plan’s State Fiscal Recovery Fund. The proposal has been sent to the Joint Budget Oversight Committee for approval.
“This proposal will allow us to responsibly fund capital construction and continue using federal dollars for one-time, transformative investments in our residents, communities and infrastructure,” Murphy said.
Allocations from the New Jersey Debt Defeasance and Prevention Fund will support proposed capital construction projects including $345 million toward New Jersey wind port and port-related infrastructure, as well as $90 million toward the Rowan University School of Veterinary Medicine and Cooper Medical School, according to the release.
The New Jersey Economic Development Authority will receive $265 million, the Department of Transportation will receive $45 million and the South Jersey Port Corporation will receive $35 million as part of the total funding toward wind port and related infrastructure, according to the proposal.
In addition, Rowan’s veterinary school will receive $75 million, and its medical school will receive $15 million.
Allocations from the American Rescue Plan’s State Fiscal Recovery Fund will support 13 proposed plans.
Some of these projects include providing Hackensack University Medical Center with $100 million toward improving regional health emergency preparedness infrastructure, $40 million toward creating a new affordable housing supply chain disruption program and $37.5 million toward implementing funds for the state’s eviction prevention program, according to the proposal.
The additional $85.1 million in funds will support various other projects ranging from $25 million toward state efforts to purchase land in Essex and Hudson Counties for the Greenway project, to $5 million toward aiding Robert Wood Johnson Barnabas Health and Rutgers University Behavioral Health with programming to address pandemic-related behavioral health needs.
“I am grateful to my colleagues in the Legislature for their commitment to help us build a stronger, fairer and more resilient post-pandemic New Jersey for all,” Murphy said.