This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $6,813,000 for low-interest loans to local government units undertaking eligible hazard mitigation and resilience projects as part of the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2026. The NJIB is empowered to utilize various funding sources, including loan repayments and interest accrued from loans made to project sponsors, to support the CHAMP program. Additionally, the NJIB can use funds generated from its operations, such as proceeds from bond sales and investment revenues, to cover its operating expenses for the fiscal year.

The bill outlines specific conditions for the loans, including compliance with applicable laws and regulations, certification by bank officials, and a repayment period not exceeding 30 years. It also allows the NJIB to adjust loan amounts based on project costs and other factors. The eligibility for loans and the authorization for making them will expire on July 1, 2026, ensuring that project sponsors must execute loan agreements by that date to secure funding. Overall, this legislation aims to enhance New Jersey's capacity for hazard mitigation and resilience through financial support for local projects.