NJ S3155

Reallocates uncommitted tax credits from the New Jersey Community-Anchored Development Act to the New Jersey Housing and Mortgage Finance Agency (HMFA) for affordable housing purposes, rather than allowing unused credits to roll over for any project regardless of location

Authorizes HMFA to award supplemental tax credits to developers of "qualified projects" that received 4% low-income housing tax credits but would have qualified for the more valuable 9% credits if funding were available

Limits tax credit awards to the lesser of: the amount needed to provide subsidy equivalent to a 9% low-income housing tax credit, or the project financing gap for the qualified project

Allows developers to transfer or sell tax credits to other taxpayers for no less than 85% of the credit value, subject to agency approval determining the sale is "socially beneficial to the State"

Permits immediate adoption of implementing regulations by HMFA upon filing with the Office of Administrative Law, effective for up to 180 days before standard rulemaking procedures apply