NJ A2824

Increases the maximum down payment assistance loan from $15,000 to $20,000 for first-time homebuyers, with first-generation homebuyers eligible for an additional $7,000-$10,000

Expands the definition of "first-generation homebuyer" to include emancipated youth and those designated as homeless unaccompanied youth under the McKinney-Vento Homeless Assistance Act

Removes the requirement that all household members (beyond spouse/domestic partner) must not have owned residential property in the preceding three years to qualify

Requires recipients to maintain both their principal residence and the agency's first mortgage product for five years for the loan to be forgiven

Replaces formal administrative rulemaking requirements with program guidelines developed by the executive director, and changes the homebuyer counseling course requirements from mandatory minimum hours to discretionary content