4. 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.

L.2023, c.67, s.4.