MULTI-AGENCY COLLABORATIVE EFFORT DELIVERS FIRST BOARDWALK LOAN TO SEASIDE PARK

LOCATION – Seaside Park Borough ("Seaside Park") recently secured critical infrastructure support through a coordinated effort between the New Jersey Department of Community Affairs (DCA), the New Jersey Department of Transportation (NJDOT), and the New Jersey Infrastructure Bank (I-Bank) to reconstruct its storm-damaged boardwalk. Through DCA's leadership in identifying and promoting funding opportunities, the Borough was introduced to available state resources to help bring its boardwalk project to life.

The project was initially identified through a program led by DCA that addressed boardwalk infrastructure funding needs. As part of this initiative, a DCA-led funding panel highlighted a range of infrastructure financing options which included low-interest loans through the State's Transportation Bank financing program, jointly administered by NJDOT and the I-Bank. The I-Bank's financial expertise ensures that available funds are maximized, managed with strong fiscal oversight, and aligned with NJDOT's and the State's infrastructure priorities.

The Borough secured approximately $12.3 million in a low-interest 30-year loan, including $100,000 in grant-like principal forgiveness funds for design work, from the Transportation Bank. This coordinated effort will enable Seaside Park to reconstruct its entire boardwalk to meet modern resiliency and accessibility standards, while saving an estimated $5.1 million from lower financing costs for local taxpayers.

According to NJDOT Commissioner Fran O'Connor, "This is a perfect example of how multiple state agencies can work together to deliver smart, lasting infrastructure improvements in coordination with a local government. By helping municipalities navigate funding options and working closely with partners like DCA and the I-Bank, NJDOT is able to support meaningful local investments that would otherwise be out of reach."

"Our mission at DCA is to ensure that New Jersey communities have the tools and resources they need to thrive in a cost-effective and sustainable manner," said DCA Commissioner Jacquelyn Suárez. "By connecting Seaside Park with strategic funding opportunities and facilitating cross-agency coordination, we helped turn a critical infrastructure need into a resilient, accessible, and taxpayer-friendly solution. This project reflects the power of state and local collaboration to improve the quality of life for our communities and their residents."

"This funding process illustrates how State and local officials deliver real, tangible, and financial benefits for New Jersey residents and livable-wage jobs that support the women and men working in our trades industries, including the 147 direct construction jobs this project created. Our boardwalks are a beloved part of our state's identity that generate enormous economic output and serve as vital transportation corridors and emergency access routes," said David Zimmer, Executive Director of the I-Bank. 

With work already underway across the state, this collaborative, multi-agency approach to infrastructure investment demonstrates New Jersey's commitment to storm resiliency, economic vitality, and public access to coastal assets.

For information about boardwalk financing options, visit www.njib.gov or www.nj.gov/dca.