This bill amends the existing law regarding the Community Hazard Assistance Mitigation Program (CHAMP) by increasing the funding available for hazard mitigation and resilience projects in New Jersey. Specifically, it raises the authorized expenditure from $7,198,045 to $13,813,000, allowing the New Jersey Infrastructure Bank (NJIB) to provide low-interest loans to local government units for a total of nine eligible projects, which includes three new projects in Brick Township, Rochelle Park Township, and Highlands Borough. The bill also updates the legal language to reflect these changes and clarifies the definitions and conditions under which the loans will be made.

Additionally, the bill modifies various sections of the existing law to ensure compliance with the requirements of the CHAMP program and the federal STORM Act. It specifies that loans will be subject to certain conditions, including certification of project compliance and repayment terms not exceeding 30 years. The amendments also allow for adjustments in loan amounts based on final building costs and other factors, ensuring that the NJIB can effectively manage the funding and support for these critical projects aimed at enhancing community resilience against hazards.