This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $7,198,045 for providing low-interest loans to local government units for specific hazard mitigation and resilience projects under the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2025. The CHAMP program, established by the "Community Hazard Assistance Mitigation Program Revolving Loan Fund Act," aims to implement the federal STORM Act in New Jersey. The NJIB is also permitted to utilize loan repayments, capitalized interest, and other generated funds to support the program and cover its operating expenses.

Additionally, the bill allows the NJIB to adjust loan amounts based on project costs and to use various sources of funds, including proceeds from bond sales and investment revenues, to manage its annual operating expenses. The provisions of this act will take effect immediately and will expire on July 1, 2025, ensuring that local government units can access necessary funding for hazard mitigation projects within this timeframe.