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 (A 2964) changes how municipalities calculate their obligation to provide low and moderate income housing. It requires each municipality to base its housing need calculation on the actual percentage of households in its area that are low/moderate income (using census data), setting a new 20% threshold for compliance. Municipalities falling below this threshold must develop additional affordable housing to reach 20%, with senior housing units counting toward up to 60% of the required affordable stock. The law revises housing statutes to implement this calculation method and exempts municipalities meeting the 20% standard from builder's remedy penalties.