This bill authorizes the New Jersey Infrastructure Bank (NJIB) to allocate up to $13,093,000 for low-interest loans to local government units for specific hazard mitigation and resilience projects under the Community Hazard Assistance Mitigation Program (CHAMP) for fiscal year 2027. The funding is part of the implementation of the CHAMP program, which was established to align with the federal Safeguarding Tomorrow through Ongoing Risk Mitigation Act (STORM Act). 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 FY2027.

Additionally, the bill outlines the conditions under which loans will be made, including compliance certifications and repayment terms, and allows the NJIB to adjust loan amounts based on project costs and other factors. The eligibility for loans and the associated projects will expire on July 1, 2027, ensuring that local government units must act within this timeframe to secure funding. The bill emphasizes the NJIB's role in facilitating hazard mitigation efforts in New Jersey, thereby reducing financing costs for municipalities and counties involved in these critical projects.