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 includes various amendments to clarify the definitions and requirements related to the loans provided under the program. It specifies that loans will be subject to certain conditions, including compliance with applicable laws and regulations, and outlines the process for adjusting loan amounts based on project costs. The amendments ensure that the NJIB can effectively manage the funding and support for the projects while adhering to the guidelines established by the CHAMP program and related legislation.