This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $6,813,000 for low-interest loans to local government units for eligible hazard mitigation and resilience projects under the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2026. The CHAMP program, established by the Community Hazard Assistance Mitigation Program Revolving Loan Fund Act, aims to implement the federal Safeguarding Tomorrow through Ongoing Risk Mitigation Act (STORM Act) in New Jersey. The NJIB is also permitted to utilize loan repayments and interest accrued from previous loans to support the CHAMP program, as well as various funds generated from its operations to cover its operating expenses for FY 2026.

Additionally, the bill outlines the NJIB's authority to adjust loan amounts based on project costs and to certify compliance with applicable laws and regulations. It specifies that loans must be repaid within 30 years and establishes conditions for loan eligibility, including the requirement for projects to be included on an approved project eligibility list. The provisions of this act will take effect immediately and will expire on July 1, 2026.