WASHINGTON, DC – U.S. Senator Bob Menendez today applauded provisions included in the year-end federal budget that help grow New Jersey’s economy, allow for critical infrastructure improvements, and spur job creation.

“This funding agreement will create new jobs and put New Jerseyans to work by strengthening our communities, upgrading our infrastructure, and investing in underserved and distressed neighborhoods,” said Sen. Menendez. “Our state and economy are stronger when we expand research and development, support private investment, and incentivize local revitalization projects.”

The omnibus legislation being voted on by Congress this week includes the following provisions:

  • Army Corps Projects – Provides $30 million for Army Corps projects in New Jersey, including $500,000 for Rahway River Basin Study, $982,000 for Passaic River Main Stem Re-evaluation and $7.5 million for Green Brook Sub-Basin (construction).
  • Community Development Block Grants (CDBG) – Provides $3 billion for the CDBG program. The CDBG program provides annual grants to states and local communities to develop viable urban communities by offering decent housing and a suitable living environment, and by expanding economic opportunities, principally for low- and moderate-income persons.
  • Choice Neighborhoods Initiative – Provides $125 million for the Choice Neighborhood Initiative, which is a $45 million increase from last year. The Choice Neighborhoods Initiative supports locally-driven strategies to address struggling neighborhoods with distressed public or assisted housing through a comprehensive approach to neighborhood transformation. The program is designed to catalyze critical improvements in neighborhood assets, including vacant property, housing, services, and schools.
  • Community Development Financial Institutions (CDFI) Fund – Provides $233.5 million for community development in economically distressed urban and rural areas by investing in mission-driven CDFIs. The CDFI Fund administers a range of innovative programs designed to strengthen the ability of CDFIs to provide financial products and services in underserved communities. Additionally, the CDFI Bond Guarantee program is extended next year and will have up to $750 million in bonding authority in order to provide access to long term, low cost capital that can be used for economic growth in economically disadvantaged areas.
  • Disaster Assistance – Provides $300 million in disaster relief to help rebuild communities devastated by floods in 2015. This level of funding is expected to assist approximately 4,000 households composed of homeowners with flood damage and no flood insurance, and very low- to extremely low-income renters with flood damage.
  • HOME Investment Partnerships Program – Provides $950 million, which is a $50 million increase from last year. The HOME program helps states and local governments increase housing affordability through the building, buying, or rehabilitation of affordable housing. This funding level will result in the production of more than 35,000 affordable housing units in 2016.
  • Teterboro Airport – Prevents larger planes from flying into Teterboro Airport, which will improve the quality-of-life for area residents who have been disturbed by increased noise pollution.
  • New Markets Tax Credit (NMTC) Program – Keeps the New Market Tax Credit in place for five more years. This federal credit helps increase the flow of capital to businesses and low income communities by providing tax incentives to private investors.
  • Research and Development Tax Extenders – Permanently extends and expands the Research and Development Tax Credit which gives certainty to businesses and provides $113 billion in tax relief to over ten years to incentivize innovation in New Jersey and around the country.
  • Amtrak – Provides $1.39 billion for Amtrak, which is chosen by seventy-eight percent of passengers traveling between New York and Washington, D.C. over air travel.
  • Transportation Investment Generating Economic Recovery (TIGER) Grants – Provides $500 million for TIGER grants, which go to our nation's infrastructure projects that make communities more livable and sustainable.
  • New Starts Transit – Provides $2.2 billion for transit New Starts, which is above current funding levels. The New Starts program provides funding for designing and building new transit lines or extensions of existing lines.
  • Airport Improvement Grants – Provides $3.35 billion for the Airport Improvement Grant program, which distributes grants to airports across the state, such as Newark, Teterboro Airport, and Atlantic City International Airport, for critically-needed infrastructure projects to enhance capacity and reduce congestion, as well as to improve safety and reduce aircraft noise and emissions. These airport projects also support thousands of contractor jobs in the state.

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