This bill makes several amendments to the Low and Moderate Income Housing law. It adds new definitions for terms such as "Adjustment(s)," "Affordable housing plan," "Approved affordable housing plan," "Consistent with local needs," "Infeasible," "Letter of eligibility," "Low- or moderate-income housing," "Meeting housing needs," "Monitoring agents," and "Municipal government subsidy." It also deletes the definition for "Local board" and replaces it with "Local review board." Overall, the bill aims to clarify certain terms and add new definitions to the law.

The bill also changes the language from "may" to "shall" to require that assistance be provided for low- or moderate-income housing. It specifies that the assistance can include direct financial support, abatement of taxes, waiver of fees and charges, and approval of density bonuses and/or internal subsidies. The bill establishes a procedure for the approval of construction of low- or moderate-income housing, allowing applicants to submit a single application for a comprehensive permit instead of separate applications to different local boards. It also outlines specific zoning incentives and adjustments that must be made available to applications for low- or moderate-income housing. The bill prohibits municipalities from restricting comprehensive permit applications and permits through locally adopted ordinances or policies that limit or place a moratorium on residential development.