Establishes "Security Deposit Assistance Pilot Program" in Passaic, Union, Essex, Hudson, Gloucester, Atlantic, Burlington, Camden, and Mercer counties; appropriates $450,000.

This bill establishes a three-year "Security Deposit Assistance Pilot Program" in eight New Jersey counties (Passaic, Union, Essex, Hudson, Gloucester, Atlantic, Burlington, Camden, Mercer) to help low-income renters. It provides a program where eligible households (qualifying for "very low income housing" under the Fair Housing Act) pay 1/12 of their security deposit monthly for the first year, with the state reimbursing landlords if tenants violate leases (up to the unpaid deposit amount). The program requires landlords to accept the state-issued "letter of security deposit commitment" instead of full payment, prohibiting discrimination against participants. It appropriates $450,000 from the General Fund to operate the pilot and requires a legislative report evaluating its effectiveness after three years.