NJ A4266

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

Expands the definition of "incentive area" under New Jersey's Economic Redevelopment and Growth Grant program to include distressed neighborhoods as qualifying locations for incentive grants

Adds "workforce housing" as a new housing category, targeting households earning 80-120% of area median income, with optional preference for workers employed in the municipality where the project is located

Requires the New Jersey Economic Development Authority to create a new application form within 30 days of enactment for developers seeking tax credits under this program

Amends P.L.2009, c.90 (the Economic Redevelopment and Growth Grant law) to allow tax credits as an alternative to traditional incentive grant reimbursements for qualifying residential projects