This bill proposes a supplemental appropriation of $100 million to the Affordable Housing Production Fund within the Department of Community Affairs (DCA) for the fiscal year ending June 30, 2024. The funds will be allocated as grants to municipalities, enabling them to contract with developers for the completion of projects that provide 100-percent affordable housing. This initiative aims to support the construction of housing units specifically designated for low- and moderate-income households, as outlined in the municipality's fair share affordable housing obligation.

The bill includes new legal language that establishes a Grants-In-Aid appropriation of $100 million specifically for the Affordable Housing Production Fund, which was previously established under P.L.2022, c.49. The act is set to take effect immediately upon passage, emphasizing the urgency of addressing affordable housing needs in the state.