This bill mandates the Director of the Division of Housing and Community Resources in the Department of Community Affairs to establish a State matching grant program aimed at assisting low-income households with utility bill payments. The program will provide matching grants to recipients of the federal Low-Income Home Energy Assistance Program (LIHEAP) to help them better manage their home heating and cooling costs. To qualify for the grants, LIHEAP recipients must submit an application detailing household size, monthly and annual income, and the amount of federal LIHEAP assistance received in the previous fiscal year. The director is required to issue grants equivalent to the amount of federal assistance received by the households.

Additionally, the bill requires the director to submit a report to the Governor and the Legislature within one year of issuing grant funds, detailing the program's implementation, including the number of applications received, total expenditures, and the impact of the grants on recipients' ability to meet their energy costs. The Department of Community Affairs must also include information on the program's needs in its annual budget request. The bill appropriates $205.5 million from the General Fund to support the matching grant program.