NJ A877

Allows New Jersey municipalities to count housing units built before April 1, 1980 toward their affordable housing obligations under three categories: unfulfilled prior round obligations, prospective obligations, and present need obligations (if rehabilitated)

For prior round credit, municipalities must demonstrate the unit was reserved for low- or moderate-income occupancy for at least 20 years starting after March 24, 1975, and hasn't already been credited

Directs the Commissioner of Community Affairs to annually allocate funds from the New Jersey Affordable Housing Trust Fund specifically for repair and rehabilitation of pre-1980 housing units seeking affordable housing credit

Permits municipalities to apply to adjust their fair share plans and housing elements to accommodate credit for pre-1980 housing, even if those plans have already received compliance certification