Enhances ability of religious and nonprofit organizations to convert certain property to inclusionary developments with affordable housing.

S 4736 allows religious and nonprofit organizations to convert their nonresidential properties into housing developments that include affordable units without needing special zoning variances. The bill requires that at least 20% of the residential units be reserved as affordable housing, with specific breakdowns: at least 50% of those units must be low-income, and at least 13% of the low-income units must be very-low income. Municipalities must approve such conversions as a permitted use if they meet zoning requirements and affordability standards, and projects can be built at up to 40 units per acre with one additional story above standard height limits. The bill also ensures these developments qualify for long-term tax exemptions under New Jersey's tax law.