Adjusts method of determining regional need for affordable housing; permits timeline extension for municipalities to determine and plan for adjusted fair share obligations based on revisions to regional need.

This bill revises how New Jersey calculates regional affordable housing needs, directly affecting all municipalities required to meet fair share obligations under the Fair Housing Act. It replaces the previous method with a data-driven approach: the Department of Community Affairs must determine regional need by counting new residential housing units (excluding replacements) built between the last two federal censuses, then dividing that number by five to set a realistic target. Municipalities that committed to affordable housing plans by January 31, 2025, must adjust their obligations based on this new calculation and submit updated housing plans within 90 days of receiving revised figures. The bill also repeals an outdated section of the Fair Housing Act and allows the department to act quickly without standard administrative delays.