The bill establishes the Safe Haven Homeless Housing Program within the New Jersey Housing and Mortgage Finance Agency (HMFA), aimed at addressing homelessness by providing funding for the renovation or reconstruction of underused developments into transitional or 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 "very low-income household."

Additionally, the bill creates the Safe Haven Homeless Housing Fund, which will be administered by HMFA to support the program's financial needs. It appropriates $30 million from federal funds provided through the American Rescue Plan Act of 2021 to this fund, with provisions for any interest or earnings from the fund to be reinvested. The HMFA is also tasked with adopting necessary rules and regulations for the program's implementation.