The New Jersey Water Bank, a joint venture between the New Jersey Department of Environmental Protection (NJDEP) and the New Jersey Infrastructure Bank, has achieved a significant milestone by surpassing $1 billion in project financing for the first time in Fiscal Year 2024. This achievement underscores the state’s commitment to improving water infrastructure and ensuring the health and safety of its residents.
In the fiscal year 2024, the Water Bank provided financing for a total of 147 projects. This includes 116 clean water projects, which encompass wastewater and stormwater treatment, with a total funding of $838 million. Additionally, the bank financed 31 drinking water projects, amounting to $240 million. These projects are critical in maintaining the state’s water infrastructure and ensuring the provision of clean and safe water to its residents.
The funds have been utilized for a variety of essential projects across the state. These include the replacement of lead and galvanized service lines, installation of PFAS (Per- and polyfluoroalkyl substances) treatment systems, mitigation of stormwater discharges, addressing combined sewer overflows, upgrading wastewater treatment facilities, reducing flooding, and more. Each of these projects plays a crucial role in protecting public health and the environment.
The announcement of this milestone was made during a news conference in Irvington where New Jersey American Water has been using more than $48 million in Water Bank financing to replace approximately 5,000 lead and galvanized residential service lines. This project is a prime example of how the Water Bank’s financing is being put to use to improve water infrastructure and safeguard public health.
This achievement by the New Jersey Water Bank is a testament to the high level of commitment that local governments and water systems are making to protect public health and the environment. It highlights the importance of investing in water infrastructure and the positive impact such investments can have on communities.
The surpassing of the $1 billion mark in project financing is not just a milestone for the New Jersey Water Bank, but also for the residents of New Jersey. It represents a significant step forward in ensuring the provision of clean, safe water for all, and in protecting the environment for future generations. The New Jersey Water Bank continues to work towards its mission of providing cost-effective financing for the improvement of water quality, a mission that is vital for the health and well-being of all New Jersey residents.
NJ Water Bank Surpasses $1B Water Infrastructure Milestone in FY24
 totaling $838 million and financing for 31 drinking water projects, totaling $240 million. These projects represent a combined $1.078 billion in infrastructure financing. The previous record was $769.5 million in Fiscal Year 2021.”){kind=link}