Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.

This New Jersey bill establishes a new standard for calculating municipalities' affordable housing requirements. It requires that at least 20% of a municipality's housing stock be occupied by low and moderate income households or disabled housing, using a specific census-based calculation method: the number of households earning below regional income limits plus disabled housing units, divided by total households, multiplied by 100. The bill also allows housing units for low and moderate income senior citizens to count toward up to 60% of the required affordable housing stock. These changes aim to simplify the process for municipalities to meet their affordable housing obligations while better targeting resources to areas with the greatest need.