This bill mandates the Division of Purchase and Property within the Department of the Treasury to create an inventory of all underutilized real property owned by the State, including properties owned by various state agencies and authorities. In collaboration with other state entities such as the Department of Community Affairs, the New Jersey Economic Development Authority, and others, the division is tasked with analyzing the feasibility of developing or repurposing these properties for alternative uses. The bill specifies that the division must evaluate land use regulations and categorize each parcel for potential uses, which may include low-income housing, services for the homeless, and health services for low-income households.

Additionally, the bill requires the division to compile its findings into a report to be submitted to the Governor and the Legislature within 13 months of the bill's effective date, with annual updates thereafter. The report must also be made available on the division's website following each submission. The bill is designed to enhance the utilization of state-owned properties and address community needs through strategic redevelopment. It is set to take effect immediately upon passage.