Provides tax credit to developers for affordable housing projects in certain neighborhoods.

This bill creates a tax credit for developers building affordable housing projects in designated low-income neighborhoods across New Jersey. It directly affects developers constructing housing meeting federal affordability standards (50% of area median income) within specific "distressed neighborhoods" or "deep poverty pockets" identified by the state. The key mechanism provides tax credits to offset development costs, targeting areas with high poverty rates (20%+ poverty level) or low median family income (80% of state average). The credit applies to projects in four defined zones: distressed municipalities, Garden State Growth Zones, aviation districts, or areas near major rail stations. The bill amends existing law to establish this credit, with projects requiring approval from the New Jersey Economic Development Authority.