Housing (Mortgages) in New Jersey

in committee · New Jersey · General Assembly Feb 24, 2026

A 4444: Concerns exemptions to municipal rent control and rent leveling ordinances.

This bill clarifies rules for exemptions from municipal rent control in New Jersey. It specifies that only the original developer who built new rental units with initial mortgage financing can claim an exemption, and only if filed before construction completion. The exemption period is limited to the initial mortgage term, and subsequent owners cannot restart the exemption if the original filing wasn't made. This directly affects developers, landlords of new multi-dwelling properties, and municipalities enforcing rent control ordinances.

Topics ✓ Housing

Sub-Topics Mortgages Renters Tenant Rights

passed · New Jersey · General Assembly Jun 11, 2026

A 794: Modifies procedures for determination and payment of fair market value in distressed municipalities; concerns real property that is abandoned, vacant, or subject to unpaid taxes.

This bill (A 794) allows distressed New Jersey municipalities (those with a revitalization index score of 50 or higher) to acquire vacant, abandoned, or tax-delinquent properties by either paying the owner the fair market value or using eminent domain. It replaces older, more cumbersome processes like tax foreclosure with simpler methods, while permitting municipalities to deduct unpaid taxes and liens from the payment amount. Properties are defined as "abandoned" if at least four specific conditions exist (e.g., overgrown vegetation, disconnected utilities, or boarded windows), but exclude properties under active renovation or seasonal use. The law directly affects distressed municipalities seeking to revitalize blighted properties and property owners of abandoned real estate.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · Senate Feb 24, 2026

S 3694: Clarifies mortgage loans to mean loans made primarily for personal, family, or household purposes.

This bill clarifies that a "mortgage loan" under New Jersey law means only loans made primarily for personal, family, or household purposes, secured by residential property (including up to six dwelling units). It directly affects consumers seeking home mortgages by confirming these loans are protected from prepayment penalties under existing law. The key provision redefines the term "mortgage loan" in statute to exclude commercial loans, ensuring consumer residential mortgages fall under current protections. This change applies to all mortgage loans entered into on or after the effective date, without creating new requirements.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · General Assembly Jan 13, 2026

A 1456: Establishes mortgage assistance program for benefit of certain low- and moderate-income homeowners; appropriates $200 million.

This bill (A 1456) establishes a $200 million mortgage assistance program for low- and moderate-income homeowners in New Jersey who face imminent risk of homelessness due to qualifying economic hardships (like job loss, medical issues, or death of a family member). It provides zero-interest, forgivable loans in four tiers: "deep" subsidies for those missing three+ payments, "moderate" for any delinquency, "shallow" for imminent risk, and "single" for at-risk homeowners. Homeowners must use the home as their primary residence for three years and complete mandatory counseling on budgeting and home finance to qualify for loan forgiveness. The program targets homeowners with incomes at or below 80% of their local median household income.

Topics ✓ Housing

Sub-Topics Homelessness Homeownership Mortgages

in committee · New Jersey · General Assembly Jan 13, 2026

A 2233: Revises oversight of "Community Wealth Preservation Program" and requirements for nonprofit community development corporations.

This bill revises foreclosure sale procedures for residential properties in New Jersey, directly affecting sheriffs, lenders, homeowners, and nonprofit community development corporations (CDCs). Key changes include requiring sheriffs to sell foreclosed properties within 150 days, mandating specific notice rules (including Fair Debt Collection Act compliance), and establishing a 3.5% deposit requirement for nonprofits or residents who plan to occupy the property for 84+ months. It also prohibits lenders from delaying sales if a nonprofit or homeowner intends to bid, and requires disclosure of property occupancy status before sale. The bill amends existing law (P.L.1995, c.244) and is currently pending in committee (introduced Jan. 2026).

Topics ✓ Housing

Sub-Topics Community Development Homeownership Mortgages

in committee · New Jersey · Senate Feb 5, 2026

S 3371: Prohibits certain financial institutions from requiring certain disabled veterans to include anticipated property tax obligations as part of mortgage applications.

This New Jersey bill (S 3371) prohibits State-chartered banks, mortgage companies, and credit unions from requiring certain disabled veterans or their surviving spouses to disclose annual property tax obligations when applying for a mortgage or refinancing a primary residence. It directly affects veterans certified by the U.S. Department of Veterans Affairs as having a 100% service-connected disability, or their surviving spouses. Instead of listing property taxes, lenders must obtain a certification from the local assessor confirming the applicant qualifies for the disabled veterans’ property tax exemption (under existing law). The requirement applies only to properties where the veteran or spouse occupies the dwelling as their primary residence and currently meets all exemption criteria except property ownership.

Topics ✓ Housing ✓ Veterans

Sub-Topics Mortgages Property Taxes Veteran Healthcare

in committee · New Jersey · Senate Feb 24, 2026

S 3652: Creates home purchase grant program in HMFA for certain veterans who served in federal active duty; appropriates $2 million.

S 3652 creates a New Jersey home purchase grant program for veterans who served at least 90 days in federal active duty. It provides dollar-for-dollar matching grants of up to $10,000 per veteran to cover closing costs, equity payments, or other home-buying expenses, with no income requirements. Eligible veterans must be New Jersey residents with proof of service and intent to buy a primary residence in the state. The bill appropriates $2 million to fund the program, which will operate through the Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs.

Topics ✓ Housing ✓ Veterans

Sub-Topics Homeownership Housing Finance Mortgages Veteran Housing

in committee · New Jersey · General Assembly Jan 13, 2026

A 713: Requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

This bill requires mortgage lenders to maintain age-restricted residential properties (such as senior housing) during foreclosure proceedings. Lenders must notify local municipalities within 10 days of filing foreclosure papers, providing contact details for a local representative responsible for property upkeep if the unit becomes vacant. If the property falls into disrepair during foreclosure, municipalities can give lenders 30 days to fix violations before imposing penalties or seeking reimbursement for cleanup costs. The law specifically targets age-restricted units to prevent neglect that could disrupt vulnerable residents.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · Senate Feb 9, 2026

S 3410: Establishes "Entry-Level Home Production Incentive Act of 2026"; provides project gap financing for low- to middle-income housing development; appropriates $300 million.

S 3410 establishes the "Entry-Level Home Development Fund" with a $300 million appropriation to provide gap financing for developers building low- to middle-income housing. The fund, administered by the New Jersey Housing and Mortgage Finance Agency, covers financing shortfalls that prevent developers from constructing housing affordable to households earning up to 120% of the area median income. This program directly supports developers of qualifying projects and aims to increase housing supply for low- to middle-income residents who face affordability challenges due to high prices and limited inventory. The bill defines "low- to middle-income housing" as units reserved for households meeting specific income thresholds, without mandating additional requirements for project locations or developer types.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Appropriations Affordable Housing Housing Finance Mortgages

in committee · New Jersey · General Assembly Jan 13, 2026

A 2540: "Cancer Patient Care and Compassion Act."

This bill (A-2540, "Cancer Patient Care and Compassion Act") requires health insurance plans and Medicaid in New Jersey to cover specific cancer treatments without cost-sharing for patients with Stage III, IV, or terminal cancer. It mandates coverage for parenteral treatments (like IV medications), survivorship care plans, and other services determined by regulators. The bill also adds protections: mortgage lenders must pause foreclosure during active treatment, creditors cannot initiate collections, and tenants facing eviction can request a 45-day stay with physician certification. These provisions directly affect cancer patients and their families by removing financial barriers to care and preventing housing/financial instability during treatment. The bill is pending before the Assembly Financial Institutions and Insurance Committee.

Topics ✓ Healthcare ✓ Housing

Sub-Topics Insurance Medicaid Mortgages Tenant Rights

All housing bills