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 act will take effect on July 1 following its enactment. By redirecting these funds, the bill aims to enhance financial support for affordable housing projects in New Jersey, addressing the growing need for affordable housing solutions in the state.