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

S 3111 creates a tax credit program for developers building affordable housing projects in "distressed neighborhoods" across New Jersey. To qualify, projects must include at least 20% of units reserved for low-to-moderate income housing and 20% reserved for workforce housing. The program is capped at $600 million in total tax credits and applies to projects in neighborhoods within distressed municipalities, defined as areas where median family income does not exceed 80% of statewide or metropolitan median income. Developers must apply through the same process as for the Economic Redevelopment Growth Program.