Housing (Mortgages) in New Jersey

in committee · New Jersey · Senate Jan 13, 2026

S 3029: Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.

This bill repeals exemptions that previously allowed new residential construction to be temporarily exempt from municipal rent control or rent leveling ordinances during the initial mortgage period. It directly affects new residential developments in New Jersey municipalities with such ordinances, requiring them to comply with rent control rules from the start of occupancy. The key change removes the requirement for municipalities to exclude new construction from rent control for a set period after building completion. The bill takes effect immediately and applies to developments with development applications submitted after its effective date.

Topics ✓ Housing

Sub-Topics Mortgages Renters Tenant Rights

in committee · New Jersey · Senate Jan 13, 2026

S 635: Requires HMFA to establish "Sustainable Tiny Home Pilot Program" in three regions of State; appropriates $5 million.

S 635 establishes a three-year "Sustainable Tiny Home Pilot Program" through New Jersey's Housing and Mortgage Finance Agency (HMFA), appropriating $5 million to fund construction of tiny homes (under 300 sq ft) in three regions of the state. The program awards annual grants totaling $1.65 million to builders who construct tiny home developments meeting green building standards, with requirements to report recycled construction waste and energy-efficient features. It directly affects builders, selected municipalities (chosen based on zoning flexibility and community interest), and future residents seeking affordable, low-emission housing. The bill aims to reduce carbon emissions (tiny homes emit ~2,000 lbs CO2 annually vs. 28,000 lbs for standard homes) and construction waste, aligning with climate goals.

Topics ✓ Energy ✓ Environment ✓ Housing

Sub-Topics Climate Change Housing Finance Mortgages Zoning

in committee · New Jersey · Senate Jan 13, 2026

S 1056: Prohibits mortgage loan discrimination based on familial status.

This bill prohibits mortgage lenders in New Jersey from refusing loans or imposing worse terms based on a person's "familial status," which includes being a parent (natural, adoptive, or resource family), having custody of a child, or being pregnant. It directly affects mortgage applicants with these family situations and the lenders who serve them. Key provisions allow affected individuals to sue for damages and legal fees, while the Banking Commissioner can investigate violations and impose $10,000 fines per offense. The law aims to prevent discrimination in home loans related to family structure or parenting status.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 2052: Revises tax lien foreclosure process to protect equity accrued by property owner in tax lien foreclosure.

This bill revises New Jersey's tax lien foreclosure process to require returning excess proceeds from property sales to former owners after lienholders are reimbursed for unpaid taxes and interest. It directly affects property owners facing tax lien foreclosures and both municipal and private lienholders under current tax sale law. The change responds to court rulings (Tyler v. Hennepin County and a New Jersey Appellate Division case) finding that retaining all sale proceeds violates constitutional protections against uncompensated property takings. The law would end the practice of "equity theft" by mandating that property equity beyond the tax debt must be returned to the original owner.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Landlords Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 468: Establishes mortgage assistance program for benefit of certain low- and moderate-income homeowners; appropriates $200 million.

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.

Topics ✓ Housing

Sub-Topics Homelessness Homeownership Mortgages

in committee · New Jersey · Senate Jun 1, 2026

S 1803: Expands financing opportunities for low and moderate income housing.

S 1803 expands financing options for affordable housing projects in New Jersey by broadening the definition of "eligible loans" to cover a wider range of housing types, including multi-family units, boarding houses (with specific exclusions), continuing-care retirement communities, assisted living, and mobile homes. It explicitly allows loans to finance related services like parking, utilities, community facilities, and life safety improvements in boarding houses, certified by the Department of Community Affairs. This bill directly affects low and moderate-income housing sponsors (developers, nonprofits, or for-profit entities) seeking funding for projects that provide residential housing. The key change is streamlining access to financing for diverse affordable housing models through the New Jersey Housing and Mortgage Finance Agency. The bill is currently pending in the Senate Community and Urban Affairs Committee.

Topics ✓ Housing

Sub-Topics Affordable Housing Housing Finance Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 2726: Concerns prohibition of certain residential tenant evictions and removals due to residential foreclosure during federal government shutdown.

This bill (S 2726) would allow New Jersey's Governor to issue an executive order preventing evictions and foreclosures for two specific groups during a federal government shutdown: federal employees who are furloughed or unpaid, and recipients of SNAP food assistance. The order would pause enforcement of eviction/foreclosure judgments (like removals or warrants) but not stop the legal proceedings themselves. Exceptions permit enforcement only if a court deems it necessary for justice or if the eviction isn't based on nonpayment of rent. The order would remain in effect for up to one month after the shutdown ends.

Topics ✓ Housing

Sub-Topics Mortgages Renters Tenant Rights

in committee · New Jersey · Senate Jan 13, 2026

S 2673: Provides mortgage payment relief, income tax relief, consumer reporting protection, and eviction protection for residential property owners, tenants, and other consumers, economically impacted during time of coronavirus disease 2019 pandemic.

This bill provides temporary financial protections for New Jersey homeowners and tenants impacted by the COVID-19 pandemic. It requires mortgage lenders to grant at least 90 days of payment forbearance (a temporary pause on mortgage payments) to qualifying homeowners who lost income due to the pandemic, with an option for a second 90-day period. It also prohibits "non-essential evictions" for tenants who lost income or faced pandemic-related hardships, and prevents negative credit reporting for pandemic-related payment delays. These protections apply during the emergency period (the Governor's declared emergency plus 60 days) and cover renters and homeowners meeting income and hardship criteria.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Income Tax Mortgages Tenant Rights

in committee · New Jersey · Senate Jan 13, 2026

S 65: Requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.

This bill requires mortgage lenders to maintain vacant, age-restricted housing units (typically senior living communities) during foreclosure proceedings. Lenders must notify municipalities within 10 days of filing foreclosure actions and provide contact details for property maintenance representatives. If a vacant unit becomes a safety hazard or code violation, the lender - not the municipality - must address it within 30 days, or face penalties. The bill applies specifically to properties designated as age-restricted under New Jersey law, ensuring continued upkeep during legal proceedings.

Topics ✓ Housing

Sub-Topics Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 1074: Creates housing purchase matching grant program for members of United States Armed Forces and New Jersey National Guard who have served in certain military operations.

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.

Topics ✓ Housing ✓ Veterans

Sub-Topics Homeownership Housing Finance Mortgages National Guard & Reserve Veteran Housing

All housing bills