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 are entirely affordable, meaning that 100% of the residential units are designated for low- and moderate-income households. This initiative aims to address housing needs as identified in municipal fair share affordable housing obligations.

The bill includes a specific appropriation under the Grants-In-Aid category, detailing the allocation of $100 million to the Affordable Housing Production Fund, which was established by previous legislation (P.L.2022, c.49). The act is set to take effect immediately upon passage, reflecting the urgency of enhancing affordable housing availability in New Jersey.