Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.

S 2720 establishes a $5 million loan program offering interest-free, deferred second mortgages (up to $10,000 per loan) to first-time homebuyers purchasing homes in New Jersey's 10 municipalities with the highest numbers of abandoned properties, plus a five-mile radius around those areas. To qualify, applicants must meet at least four of seven criteria, including education, military service, relocation commitment, or employment in the area. Loans cover basic repairs like plumbing, electrical, roof, or window fixes, and are deferred until the home is sold or transferred. The program appropriates $5 million from the state General Fund and requires the Housing Agency to define eligible areas within nine months of the bill's enactment.