This bill mandates the Department of Community Affairs to develop and periodically update a five-year housing advisory plan aimed at addressing the affordable housing needs of all residents in New Jersey, particularly focusing on homeless or near-homeless individuals. The plan will assess housing market trends, evaluate the needs of various economic segments and special populations, inventory the availability of affordable housing, report on progress made by public and private sectors, identify regulatory barriers to affordable housing, and propose strategies to overcome these challenges.

The initial plan is to be submitted to the Governor and the Joint Committee on Housing Affordability within 18 months of the bill's enactment, with subsequent plans required every five years thereafter. This structured approach is intended to facilitate effective planning and the development of sound strategies to meet the state's affordable housing needs.