Assembly Bill 3389, which would clarify provisions governing the hospital asset transformation program within the New Jersey Health Care Facilities Financing Authority Law, passed both the New Jersey Senate and Assembly in December and was signed by Governor Corzine on January 15, 2009. The New Jersey Health Care Facilities Financing Authority established the hospital asset transformation program with the purpose of providing financial assistance to New Jersey nonprofit hospitals in connection with the termination of the provision of hospital acute care services at a specific location. Under the bill, nonprofit hospitals would be authorized to apply for and receive transitional aid to pay off any outstanding bonds or existing debt service, regardless of the status of any third-party appeal into the closure of the hospital.