This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $6,813,000 for low-interest loans to local government units participating in the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2026. The funds will be used to finance specific hazard mitigation and resilience projects aimed at reducing the financial burden on municipalities and counties. The NJIB is also permitted to utilize loan repayments and interest accrued from previous loans to support the CHAMP program, as well as other generated funds to cover its operating expenses.

Additionally, the bill outlines the conditions under which loans will be made, including compliance with applicable laws and regulations, and stipulates that loans must be repaid within 30 years of project completion. The NJIB is empowered to adjust loan amounts based on project costs and is required to maintain a project eligibility list. The act is set to take effect immediately and will expire on July 1, 2026, ensuring that the funding and projects are completed within this timeframe.