This bill mandates the Department of the Treasury to create an inventory of all unutilized real property owned by the State of New Jersey. It requires various State entities, including the New Jersey Economic Development Authority and the New Jersey Housing and Mortgage Finance Agency, to biennially submit lists of unutilized properties under their jurisdiction to the State House Commission and the Department of the Treasury. The State House Commission and the Department of the Treasury will then compile these lists and analyze the properties to assess their potential for development, redevelopment, or renovation for low- and moderate-income housing.

Additionally, the bill stipulates that the findings from this analysis will be compiled into a report, which must be submitted to the Governor and the Legislature within 13 months of the bill's effective date. This report is to be updated and resubmitted biennially, and the Department of the Treasury is required to post the report on its website after each submission. The bill is set to take effect immediately upon passage.