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. 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 hazard mitigation projects. The bill allows the bank to increase this amount by acquiring additional lending capital from various sources, including interest earned from 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 specifies that loans may be adjusted based on final building costs and allows for increases in loan amounts to cover capitalized interest and other associated expenses. The eligibility for loans will expire on July 1, 2025, if agreements are not executed by project sponsors. Overall, the amendments aim to streamline the funding process for hazard mitigation projects while ensuring compliance with established guidelines.