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

S 1950 amends New Jersey's affordable housing law to allow municipalities to earn additional credit toward their fair share obligation for low and moderate income housing when they convert abandoned properties into affordable housing units. Municipalities would receive a one-to-one credit for each converted unit, meaning each unit counts as one toward their required housing allocation. This directly affects local governments by providing a new incentive to repurpose vacant or abandoned properties instead of requiring new construction. The policy change simplifies compliance with housing requirements while encouraging the reuse of underutilized properties for affordable housing.