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-In-Aid specifically for the purpose of enabling municipalities to contract with developers to complete projects that are 100-percent affordable housing. This initiative aims to support the construction of residential units designated for low- and moderate-income households, as outlined in the fair share affordable housing obligation judgments.

The Affordable Housing Production Fund was established under P.L.2022, c.49, and this bill reinforces its purpose by providing the necessary financial resources to ensure the successful completion of affordable housing projects. The act is set to take effect immediately upon passage, reflecting the urgency of addressing affordable housing needs in the state.