NJ S3410

Appropriates $300 million from the General Fund to create the "Entry-Level Home Development Fund" within the New Jersey Housing and Mortgage Finance Agency to finance low- to middle-income housing development projects

Provides gap grants of up to $40,000 per housing unit for households earning up to 120% of area median income, increasing to $70,000 per unit for households earning up to 100% of area median income

Authorizes the NJ Economic Development Authority to offer infrastructure loans at 1-3% fixed rates covering up to 20% of project costs for developments where at least 20% of units qualify as low- to middle-income housing

Requires initial purchasers of assisted units to occupy for at least 5 years or pay a $10,000 penalty, with units reserved as affordable housing for at least 10 years

Prioritizes funding for projects in municipalities with overlay zoning for small-lot development, women- or minority-owned businesses, energy-efficient buildings, and modular construction