This bill mandates the Department of Community Affairs to establish a standard initial period of at least 180 calendar days for households receiving assistance through the federal Housing Choice Voucher Program to find new housing when they must vacate their rental unit due to the sale or transfer of the property by the landlord. This new requirement replaces the current 60-day period, allowing tenants significantly more time to secure alternative housing. The bill also allows the department to grant extensions beyond the initial period if necessary.

Additionally, the Commissioner of Community Affairs is tasked with creating rules and regulations to implement this new standard, which will be reflected in the department's administrative plan. The changes aim to provide greater support and flexibility for tenants facing displacement, particularly in a housing market that can be challenging to navigate. The bill is set to take effect on the first day of the seventh month following its enactment, with provisions for anticipatory actions to facilitate its implementation.