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 approved by the New Jersey Infrastructure Bank (NJIB) for fiscal year 2025. Specifically, it raises the authorized expenditure from $7,198,045 to $13,813,000, allowing for the financing of a total of nine projects instead of six. The bill also introduces three new projects located in Brick Township, Rochelle Park Township, and Highlands Borough to the list of eligible projects for funding.

In addition to the funding increase, the bill updates various legal references within the existing law, replacing the term "this act" with the specific citation of P.L.2024, c.45, as amended by this bill. It clarifies the conditions under which loans will be made, including compliance with applicable provisions and the certification process for project eligibility. The bill ensures that the NJIB can adjust loan amounts based on final building costs and allows for the inclusion of capitalized interest and other associated expenses in the loan amounts. Overall, the amendments aim to enhance the state's capacity to support local governments in implementing critical hazard mitigation projects.