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 criteria for projects, the process for loan origination, and the conditions under which loans must be repaid. It also establishes a project eligibility list for the State Fiscal Year 2025, detailing the projects and their respective loan amounts. The bank is empowered to adjust loan amounts based on project costs and to utilize various sources of funds to support the Community Hazard Assistance Mitigation Program.

Additionally, the bill includes provisions for the bank to reduce or increase loan amounts based on final building costs and other allowable expenses. It allows the bank to use generated funds to cover its operating expenses, including proceeds from bond sales and loan repayments. The act is set to 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.