New Jersey's S 224 creates a down-payment assistance program for police officers, firefighters, public school teachers, corrections officers, and sanitation workers in designated school districts. It provides $10,000 zero-interest second mortgages (for down payments and closing costs) that are forgiven at 20% per year over five years, contingent on the home remaining the applicant's primary residence. To qualify, applicants must have at least one year of employment in their respective public sector roles and live in a participating neighborhood within an SDA school district. The program is funded by a $5 million state appropriation to the New Jersey Housing and Mortgage Finance Agency.
This bill establishes a $5 million loan program to help first-time homebuyers repair homes in areas with high numbers of abandoned properties. It provides interest-free, deferred loans (up to $10,000) for basic repairs like plumbing, electrical work, or roofing, which borrowers repay only when selling the home. To qualify, applicants must be first-time homebuyers moving to one of New Jersey's 10 municipalities with the most abandoned properties (or within five miles of those areas) and meet at least four specific criteria, such as having a degree, being a veteran, or committing to community service. The program is funded through a state appropriation and requires the Housing Agency to define eligible areas within nine months of the bill's passage.
This bill allows New Jersey municipalities to use up to 30% of their municipal development fee trust funds - designated for affordable housing programs - to provide down payment assistance grants to first-time veteran homebuyers, with each veteran eligible for up to $15,000 per grant. The grants will not be counted as income for determining eligibility for other state benefits or for tax purposes. This policy change directs existing municipal funds toward supporting veterans in purchasing homes, supplementing other state housing assistance programs without creating new funding.
This bill establishes a $200 million mortgage assistance program for New Jersey homeowners with low or moderate incomes who face imminent risk of homelessness due to missed mortgage payments. It provides forgivable, zero-interest loans (called "deep," "moderate," "shallow," or "single" subsidies) to cover arrears, fees, and future payments after qualifying hardships like job loss, illness, or death of a family member. Homeowners must complete a counseling course, commit to living in the home as their primary residence for three years, and use the funds only for their principal residence to qualify for loan forgiveness. The program targets households earning 50% to 80% of the local median income who have experienced financial hardship causing mortgage delinquency.
This bill regulates how large investment firms (defined as "institutional investors") can buy, own, or lease single-family homes in New Jersey. It requires these investors to register with the state's Community Affairs Commissioner and restricts them from purchasing homes that are actively listed for sale on public real estate databases. The bill explicitly excludes nonprofits focused on affordable housing, family trusts, and family-owned limited liability companies from these regulations. It also includes provisions to support existing homebuyer assistance programs, aiming to increase housing options for low- and moderate-income residents.
This bill changes how the "base year" is calculated for New Jersey homeowners who relocate and qualify for homestead property tax reimbursements. It revises the rule so that when an eligible homeowner moves to a new primary residence, their base year (used to calculate tax refunds) becomes the first full tax year before the move - **but only for tax years starting on or after January 1, 2010**. This affects elderly or disabled homeowners who move within the state and meet income and residency requirements. The key change prevents the new base year rule from applying to tax years before 2010, maintaining the prior calculation for earlier relocations.
This bill creates a New Jersey tax credit for first-time homebuyers purchasing eligible homes during specific periods. It provides a credit equal to 5% of the home price (up to $15,000) for homes used as a principal residence for 36 consecutive months. The program has a total funding cap of $100 million, allocated across four terms with separate limits for new homes and previously occupied homes. The credit is applied over three tax years, and applicants must pre-qualify through the state director's office before purchase.
S 3097, the "Protection of Homeownership and Limiting Institutional Investor Acquisition Act," would limit institutional investors' acquisition of single-family homes by imposing tax disincentives (such as higher taxes) on such purchases while creating tax incentives and down payment assistance for individual homebuyers seeking starter homes. The bill also reduces regulatory barriers to building new single-family homes and offers tax incentives to developers for constructing these properties. These provisions directly affect institutional real estate investors and individual homebuyers in New Jersey, aiming to increase housing availability for average residents. The policy changes focus on making homeownership more accessible by countering institutional market dominance without specifying expected outcomes.
This bill would create a New Jersey program providing up to $10,000 in matching grants to help eligible military members purchase homes. It directly affects members of the U.S. Armed Forces and New Jersey National Guard who served at least 90 days in Operation Noble Eagle, Enduring Freedom, or Iraqi Freedom, are legal New Jersey residents, and plan to buy a primary residence in the state. The grants match the recipient's contribution dollar-for-dollar for closing costs or equity payments, with no income requirement (though priority would go to those eligible for other state housing programs). The program would be administered by the New Jersey Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs. The bill is currently pending in the Senate Military and Veterans' Affairs Committee.
