This bill authorizes the New Jersey Infrastructure Bank to allocate a total of $6,813,000 for loans to local government units under the Community Hazard Assistance Mitigation Program (CHAMP) to finance specific hazard mitigation and resilience projects. The bill defines key terms such as "Bank," "CHAMP," "Loan origination fee," and "Project sponsor," and outlines the process for loan approval, including the requirement for projects to be certified by bank officials and included on an approved project eligibility list. The bill also allows the bank to adjust loan amounts based on project costs and to utilize various sources of funds to support lending capital.

Additionally, the bill specifies that loans must be repaid within 30 years and outlines the conditions under which loan amounts may be reduced or increased. It permits the bank to use generated funds to cover its operating expenses and establishes a timeline for the program, which will expire on July 1, 2026. The legislation aims to enhance community resilience against hazards through financial support for local projects.