This bill proposes a supplemental appropriation of $30 million from the General Fund to the Department of Community Affairs (DCA) specifically for the Neighborhood Revitalization Tax Credit program. The funding is intended to support community nonprofit organizations that implement revitalization plans approved by the DCA, aimed at enhancing local improvements in low and moderate-income neighborhoods. The program typically receives funding from business entities that invest in qualified projects in exchange for tax credits, which are currently capped at $15 million per year under existing law.

The bill includes new legal language that designates the $30 million as "Grants-in-Aid" for the Neighborhood Revitalization Tax Credit program, thereby increasing the total appropriations for community development management by the same amount. This additional funding is expected to bolster the efforts of community organizations in revitalizing neighborhoods, providing them with the necessary resources to undertake significant improvements. The act is set to take effect immediately upon passage.