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 eligible 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 annual operating expenses. The eligibility for loans and the authorization for making them will expire on July 1, 2025, ensuring that projects are completed within a specified timeframe. This initiative aims to reduce financing costs for hazard mitigation projects in New Jersey, thereby enhancing the state's resilience against potential hazards.