NJ A4337

Creates up to $600 million in tax credits for developers building affordable housing projects in "distressed neighborhoods," defined as census tracts within distressed municipalities where median family income is 80% or less of statewide or metropolitan median income

Qualifying projects must have at least 25 dwelling units, with a minimum of 20% reserved for low- to moderate-income housing and an additional 20% reserved for workforce housing (households earning 80-120% of median income)

Distressed municipalities include those receiving state assistance, under Local Finance Board supervision, facing serious fiscal distress, containing SDA school districts, or with major rail stations

Amends the Economic Redevelopment and Growth Grant (ERG) program to add distressed neighborhoods as a qualifying incentive area and establishes a separate application process for tax credits

Tax credit amounts follow existing ERG program limits, with the authority required to promulgate an alternate application form within 30 days of the bill's effective date