NJ A1548

Creates an interest-free, deferred second mortgage loan program through the New Jersey Housing and Mortgage Finance Agency for first-time homebuyers purchasing homes in the 10 municipalities with the highest numbers of abandoned properties (or within five miles of their boundaries)

Loans of up to $10,000 can be used for qualified repairs including plumbing, heating, electrical systems, roof, windows, doors, insulation, and exterior improvements, with repayment deferred until sale or transfer of the property

Applicants must meet at least four of seven criteria, including: completing a degree program or being a veteran/active military, being a skilled tradesman, committing to 10 hours weekly of community volunteer work, relocating from another state, or working locally in specified fields

Requires the NJHMFA Executive Director to adopt implementing regulations within nine months of enactment, including criteria for determining which municipalities have the most abandoned properties

Appropriates $5 million from the General Fund to fund the loan program