The bill amends various sections of P.L.2024, c.45, to enhance the Community Hazard Assistance Mitigation Program (CHAMP) administered by the New Jersey Infrastructure Bank. Key provisions include the authorization for the bank to expend a total of $13,813,000 for loans to local government units for specific hazard mitigation projects. The bill also allows the bank to increase this amount by acquiring additional lending capital from various sources, including interest earned on loans and fees associated with the program. The projects eligible for funding are detailed in a project eligibility list, which includes various municipalities and their respective project descriptions and loan amounts.

Additionally, the bill outlines the conditions under which loans will be made, including compliance with applicable laws and regulations, certification by bank officials, and repayment terms not exceeding 30 years. It also provides the bank with the authority to adjust loan amounts based on final building costs and other factors. The eligibility for loans will expire on July 1, 2025, if project sponsors do not execute loan agreements by that date. Overall, the amendments aim to streamline the funding process for hazard mitigation projects while ensuring compliance with established guidelines.