Provides tax credit to developers for affordable housing projects in certain neighborhoods.
The bill provides up to $600 million in tax credit available to developers to construct affordable housing projects in distressed neighborhoods. A distressed neighborhood is defined in the bill as a neighborhood located within a distressed municipality, in which the median family income does not exceed 80 percent of the Statewide or metropolitan median family income, as reported in the most recently completed decennial census published by the United States Census Bureau.
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