This bill proposes to allocate 50 percent of the revenues collected from additional fees and taxes on real property transfers valued over $1 million to the New Jersey Affordable Housing Trust Fund. Currently, these revenues are deposited into the General Fund. The bill mandates that the State will annually deposit half of the total revenues from the additional fee imposed on certain real property transfers and the tax on controlling interest transfers into the Affordable Housing Trust Fund, which is established to support affordable housing initiatives.

The legislation aims to enhance funding for affordable housing by redirecting a significant portion of the revenues generated from high-value real estate transactions. This change is intended to provide a more stable financial resource for the Affordable Housing Trust Fund, thereby facilitating appropriations for affordable housing projects across New Jersey. The bill is set to take effect on July 1 following its enactment.