Requires additional credit against fair share obligation for abandoned property converted to affordable housing.

This bill (S 2105) proposes adding a new credit for municipalities that convert abandoned properties into affordable housing units. It would allow municipalities to count these rehabilitated units toward their required affordable housing quota (called the "fair share obligation") on a one-to-one basis, provided the units meet specific income and affordability standards. The credit applies to properties rehabilitated between 1980-1986, requiring certification that units are affordable to low/moderate-income households and comply with construction standards. This directly affects New Jersey municipalities obligated to provide affordable housing under state law. The bill is currently pending in the Senate Community and Urban Affairs Committee.