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 aims to redirect a significant portion of these funds to support affordable housing initiatives, thereby enhancing the state's efforts to address housing affordability.

The legislation specifies that the funds in question are derived from an additional fee imposed on sellers of various types of real property, including residential and commercial properties, as well as certain farm properties and cooperative units, when the transaction exceeds $1 million. Additionally, it includes revenues from a controlling interest transfer tax on non-deed transfers of commercial properties. By mandating that 50 percent of these revenues be deposited into the Affordable Housing Trust Fund, the bill seeks to bolster financial resources available for affordable housing projects in New Jersey. The act is set to take effect on July 1 following its enactment.