This bill authorizes the New Jersey Infrastructure Bank to allocate a total of $7,198,045 from the Community Hazard Assistance Mitigation Program Revolving Loan Fund to provide loans to local government units for specific hazard mitigation and resilience projects. The bill outlines the eligibility of various projects, including those in Jersey City, Hoboken, Stafford Township, Bergen County, Rochelle Park Township, and Marlboro Township, with a total estimated project cost of $31,120,985. The bank is also empowered to adjust loan amounts based on project needs and to acquire additional lending capital through various sources, including interest earned from loans and fees associated with the Community Hazard Assistance Mitigation Program.

Additionally, the bill stipulates that loans must comply with specific requirements, including certification by bank officials and adherence to project eligibility lists. It allows for the adjustment of loan amounts based on final building costs and permits the bank to use generated funds to cover operating expenses. The provisions of this act will take effect immediately and will expire on July 1, 2025, ensuring that any project sponsors must execute loan agreements by that date to secure funding.