The bill establishes the Safe Haven Homeless Housing Program within the New Jersey Housing and Mortgage Finance Agency (HMFA) to address homelessness by providing funding for the renovation or reconstruction of underused developments into transitional and permanent supportive housing. The HMFA will award low-interest loans to eligible developers who can transform vacant or underused structures, such as shopping malls or warehouses, into housing solutions for individuals and families who are homeless or lack stable housing. The bill defines key terms related to the program, including "transitional housing," "permanent supportive housing," and "underused development."

Additionally, the bill creates the Safe Haven Homeless Housing Fund, which will be administered by HMFA and will consist of federal allocations and any interest earned on the fund's moneys. It appropriates $30 million from the federal American Rescue Plan Act of 2021 to support the program's objectives. The HMFA is also tasked with adopting necessary rules and regulations for the program's implementation. The act is set to take effect immediately upon passage.