This bill establishes a statewide residency preference for affordable housing in New Jersey, allowing municipalities and developers to prioritize low- and moderate-income housing units for households with at least one member residing in the state. It specifies that this preference applies immediately upon a person's establishment of residency, without requiring a specific duration of residency prior to receiving the preference.

The bill mandates that the Commissioner of Community Affairs adopt necessary rules and regulations to implement its provisions within five months of enactment. It is designed to enhance access to affordable housing for state residents while ensuring compliance with existing fair housing laws. The act will take effect five months after its passage, allowing for preparatory actions by the Commissioner.