The proposed legislation establishes the Safe Haven Homeless Housing Program within the New Jersey Housing and Mortgage Finance Agency (HMFA). This program aims to provide funding in the form of low-interest loans to eligible developers for the renovation or reconstruction of underused developments into transitional or permanent supportive housing for individuals and families who are homeless or lack stable housing. The bill defines "underused development" to include various types of vacant or underused structures, such as shopping malls, warehouses, and hotels.

Additionally, the bill creates the Safe Haven Homeless Housing Fund, which will be administered by HMFA to support the program's financial needs. It appropriates $30 million from federal funds provided through the American Rescue Plan Act of 2021 to this fund, with any interest or earnings from the fund also being reinvested. The HMFA is tasked with adopting necessary rules and regulations for the program's implementation, and the act is set to take effect immediately upon passage.