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 NJIB is empowered to utilize funds from the Community Hazard Assistance Mitigation Program Revolving Loan Fund, as well as any loan repayments and interest accrued from previous loans, to support the financing of these projects. The bill also allows the NJIB to use various generated funds, including proceeds from bond sales and investment revenues, to cover its operating expenses for the fiscal year.

Additionally, the bill outlines the conditions under which loans will be made, including compliance with applicable laws and regulations, certification by bank officials, and the requirement for projects to be included on an approved eligibility list. The loans must be repaid within 30 years and are subject to specific terms regarding allowable project costs and interest rates. The provisions of this act will take effect immediately and will expire on July 1, 2026, ensuring that the NJIB can effectively implement the CHAMP program and support local governments in enhancing their hazard resilience.