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 bill includes new legal language that establishes the $30 million appropriation as part of the Grants-in-Aid for the DCA, specifically allocated for the Neighborhood Revitalization Tax Credit program. This additional funding is intended to bolster neighborhood revitalization efforts beyond the existing tax credit cap, thereby facilitating more extensive community improvements. The act is set to take effect immediately upon passage.