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 funding is part of the implementation of the CHAMP program, which was established to align with the federal "Safeguarding Tomorrow through Ongoing Risk Mitigation Act" (STORM Act). 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 operational costs. The loans will be subject to specific conditions, including compliance with applicable laws and regulations, and must be repaid within 30 years of project completion. The eligibility for loans and the authorization for their issuance will expire on July 1, 2025, ensuring a timely execution of the program.