This bill mandates the Department of Community Affairs (DCA) to utilize a growth-share calculation method for determining the Statewide fair share of housing needs over a 10-year period. It establishes that the entire state will be treated as a single housing region for assessing the need for low- and moderate-income housing. The growth-share method will account for foreclosed and abandoned properties while excluding new housing starts during specific administrative gaps and will limit the calculation to a maximum of five percent of the existing Statewide housing stock.

Additionally, the bill instructs the Commissioner of Community Affairs to create necessary rules and regulations to implement its provisions, including adjustments to existing timelines under the Fair Housing Act to ensure prompt execution. It also repeals sections 6 and 7 of P.L.2024, which pertained to municipal housing obligations. The bill is set to take effect immediately upon passage.