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 improving 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 Housing Services category within the DCA's budget. This additional funding is expected to enhance the capacity of the Neighborhood Revitalization Tax Credit program, allowing for more extensive community development efforts beyond the existing tax credit limitations. The act is set to take effect immediately upon passage.