Senate Bill No. 1444 mandates that municipalities with zoning authority must adopt regulations that allow for the conversion or partial conversion of commercial buildings into residential developments "as of right." This means that such conversions can be approved without the need for public hearings, variances, or other discretionary zoning actions, provided that the site plan complies with existing zoning regulations. The bill also stipulates that municipalities cannot require the correction of any nonconforming use, structure, or lot as a condition for approval. Additionally, it establishes a timeline for the permit application process, requiring decisions to be made within 65 days of application receipt, with the possibility of extensions.

Furthermore, the bill prohibits municipalities from conducting property revaluations on converted commercial buildings for a period of three years following the issuance of a certificate of occupancy. This provision overrides existing laws that mandate regular property revaluations. The definitions included in the bill clarify that "commercial buildings" refer to structures primarily used for non-residential purposes, while "residential developments" are defined as structures containing one or more dwelling units. The bill is set to take effect on October 1, 2025.