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 requirements associated with the program.

In addition to the funding increase, the bill includes various amendments to ensure compliance with existing laws and regulations, such as the federal STORM Act. It specifies that loans made under this program will be subject to certain conditions, including certification of project compliance and repayment terms. The amendments also allow for adjustments to loan amounts based on final building costs and other factors, ensuring that the NJIB can effectively manage the funds and support the projects as needed. Overall, this bill aims to enhance New Jersey's capacity to address hazard mitigation and resilience through increased financial support and clearer guidelines.