This bill establishes oversight and control by the New Jersey Economic Development Authority (EDA) over municipal development programs when there is suspicion of corruption following a criminal charge or conviction of a local official. Specifically, if a municipal officer or program official is convicted of, or indicted or charged for, a crime involving public corruption, the EDA will review and supervise the relevant municipal development program. The bill mandates the EDA to create rules and regulations that include a reporting system to notify relevant authorities of any applicable charges, the appointment of economic and community development monitors, and criteria for the duration of EDA oversight.

The bill outlines that if the EDA is informed of a single applicable conviction, it may appoint a monitor for three years, while three or more convictions within a three-year period will necessitate immediate appointment of a monitor for the same duration. The chief executive officer of the EDA is granted the authority to implement these requirements without needing further approval from the authority. This legislation aims to enhance accountability and oversight in local economic development, community development, and housing programs, particularly in light of recent corruption cases involving local officials.