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. This program is designed to provide grants to community nonprofit organizations that implement revitalization plans approved by the DCA, aimed at improving low and moderate-income neighborhoods. The funding will enhance the existing program, which is primarily supported by business entities that contribute to qualified projects in exchange for tax credits, currently capped at $15 million per year.

The new appropriation will be categorized under Grants-in-Aid for Housing Services, with the total amount allocated for the Neighborhood Revitalization Tax Credit Program set at $30 million. This additional funding is intended to bolster neighborhood revitalization efforts and support community development initiatives beyond the existing tax credit limitations. The bill is set to take effect immediately upon enactment.