This bill mandates the Division of Purchase and Property within the Department of the Treasury to create a comprehensive inventory of all real property owned by the State, including properties held by various state agencies and authorities. In collaboration with other state entities, such as the New Jersey Economic Development Authority and the New Jersey Housing and Mortgage Finance Agency, the division is tasked with assessing the potential for these properties to be developed, redeveloped, or renovated for use as affordable housing for low and moderate-income individuals.

The findings from this analysis will be compiled into a report that must be submitted to the Governor and the Legislature within 13 months of the bill's effective date. This report is required to be updated and resubmitted annually, and the director of the division must also ensure that the report is made available on the division's website following each submission. The bill is set to take effect immediately upon passage.