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 does not require individuals to have been residents for a specific duration; rather, it is granted from the first day a person establishes residency in New Jersey.

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 on the first day of the fifth month following its enactment, with provisions for the Commissioner to take anticipatory actions to facilitate compliance.