NJ A586

Expands the State rental assistance program to include a homeownership option comparable to the federal Section 8 Housing Choice Voucher Homeownership Program, allowing voucher holders to purchase homes with monthly assistance or single down payment grants

Establishes a Family Self-Sufficiency Program component to help families achieve economic independence and reduce dependence on welfare and rental subsidies

Creates a Home Repair Emergency Assistance Fund to help participating families cover necessary home repairs and other homeownership expenses

Requires local housing authorities administering federal Section 8 vouchers to implement homeownership programs or allow households to transfer to the state program through portability provisions

Allows the Department of Community Affairs to immediately adopt implementing regulations, effective for up to one year, before formal rulemaking procedures are completed