Authorizes HMFA to issue tax credits for certain purposes.

This bill authorizes the New Jersey Housing and Mortgage Finance Agency (HMFA) to issue project financing tax credits to support housing development. It specifically targets developers of qualified housing projects that have received a 4% federal low income housing tax credit (LIHTC) but still face a financing gap for their projects. The HMFA can award tax credits to cover this gap, up to the amount that would make the project equivalent to a 9% LIHTC. Additionally, the bill requires the reallocation of uncommitted tax credits from the Community-Anchored Development Program to the HMFA to support these housing initiatives.