NJ A3128

Allocates $500 million in tax credits over six years to the New Jersey Housing and Mortgage Finance Agency (HMFA) to be sold through competitive auctions, with a $100 million annual cap and minimum sale price of 80% of credit value

Requires 50% of auction proceeds to fund middle-income workforce housing (for households earning 80-120% of area median income) and 50% for low- and moderate-income housing toward municipal fair share affordable housing obligations

Prioritizes funding applications from distressed older suburban municipalities that meet criteria including declining income levels, elevated poverty rates, high unemployment, aging housing stock, and declining property values

Authorizes the Division of Taxation to purchase unused tax credits at 95% for qualifying film production credits from New Jersey studio partners, subject to annual caps ranging from $80 million to $240 million depending on fiscal year

Requires housing projects receiving funding to also have a Four-Percent Low Income Housing Tax Credit, and allows HMFA to use up to 5% of proceeds for administrative costs