The bill amends various sections of P.L.2024, c.45, to enhance the Community Hazard Assistance Mitigation Program (CHAMP) and the role of the New Jersey Infrastructure Bank in financing hazard mitigation projects. It defines key terms such as "Bank," "CHAMP," "Loan origination fee," and "Project sponsor," and authorizes the bank to expend $13,813,000 for loans to local government units for specific projects. The bank can also increase this amount by acquiring additional lending capital from various sources, including interest earned on loans and fees associated with the program.
Additionally, the bill outlines the conditions under which loans will be made, including compliance with applicable laws and regulations, project eligibility, and repayment terms. It allows the bank to adjust loan amounts based on final building costs and other factors, ensuring that funds are allocated efficiently. The eligibility lists for projects and loan authorizations will expire on July 1, 2025, emphasizing the need for project sponsors to act promptly in securing their loans. Overall, the amendments aim to streamline the funding process for critical infrastructure projects that enhance community resilience against hazards.