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 includes new legal language that clarifies the definitions and requirements related to the program, such as the roles of project sponsors and the conditions under which loans are made.

Additionally, the bill introduces three new projects to the funding list, located in Brick Township, Rochelle Park Township, and Highlands Borough. The amendments ensure that the NJIB can utilize various sources of funds to support these projects, including interest earned from loans and fees associated with the program. The changes aim to enhance the state's capacity to implement hazard mitigation strategies effectively, in line with federal initiatives under the STORM Act.