Establishes "Security Deposit Assistance Pilot Program" in Passaic, Union, Essex, Hudson, Gloucester, Atlantic, Camden, and Mercer counties; appropriates $400,000.

This bill establishes a three-year pilot program in eight New Jersey counties (Passaic, Union, Essex, Hudson, Gloucester, Atlantic, Camden, and Mercer) to help low-income renters cover security deposits. It appropriates $400,000 to create a dedicated fund that reimburses landlords if tenants violate leases, while requiring eligible tenants to pay 1/12 of their security deposit monthly for the first year. To qualify, households must meet "very low income" housing standards under state law and rent must not exceed 40% of their income. Landlords cannot refuse leases to participants, as this would violate the state’s anti-discrimination law. The program requires the commissioner to report on its effectiveness after three years.