Statewide housing targets; requires localities to increase their total housing stock.

Statewide housing targets for localities. Requires localities to increase their total housing stock by at least 7.5 percent over the five-year period beginning January 1, 2026. The bill provides that in order to meet the 7.5 percent growth target, a locality shall develop a housing growth plan that best meets the needs of the locality and may include any of various listed housing growth strategies. The bill further provides that after January 1, 2031, an applicant who seeks local government approval for a residential development that will have the effect of increasing the supply of housing in a locality and has that application rejected may, in addition to other remedies, appeal such decision to the Housing Approval Board, which shall be established by the Director of the Department of Housing and Community Development. The bill authorizes the Housing Approval Board to overturn local decisions and approve applications under certain circumstances. However, if the Housing Approval Board determines that a locality has in good faith implemented at least three of the housing growth strategies listed in the bill and has not rejected more than 25 percent of new housing development proposals over the previous five years, the Housing Approval Board shall allow the local decision to stand. Finally, the bill provides that the Housing Approval Board shall give extra weight for increases in affordable housing and for the rehabilitation of current, underutilized housing stock.