The bill establishes a Municipal Flood Management Assistance Program within the New Jersey Department of Environmental Protection (DEP) to provide grants to municipalities for flood management initiatives. The program aims to assist municipalities in mitigating costs associated with flooding, particularly in the aftermath of storms. It will offer support for flood risk assessments, emergency preparedness, public awareness, and sustainable flood mitigation landscaping features. The DEP, in consultation with the Department of Transportation, will develop guidelines for grant applications, establish qualification criteria, prioritize assistance for municipalities in greatest need, and designate acceptable uses for grant funds.

Additionally, the bill outlines the specific objectives of the grant program, which include providing municipalities with tools to identify high-risk flood areas, supporting both structural and non-structural flood mitigation solutions, and promoting land-use planning that minimizes flood risks. The DEP will also develop various resources, such as geographic information system-based mapping tools and vulnerability assessment assistance systems, to aid municipalities in their flood management efforts. Municipalities receiving grants will be required to report on their use of funds, and the DEP will submit an annual report to the Governor and Legislature on the program's effectiveness. The bill mandates that the DEP include sufficient funding in its annual budget request to support the program's objectives.