NJ A6218

Establishes a zero-interest, forgivable mortgage assistance loan program through the New Jersey Housing and Mortgage Finance Agency for low-income homeowners (≤50% of median income) and moderate-income homeowners (50-80% of median income)

Provides four tiers of assistance: deep subsidies (all arrears plus 6 months advance payments), moderate subsidies (all arrears plus 2 months advance), shallow subsidies (2 months advance), and single subsidies (1 month advance)

Requires recipients to use the home as their principal residence for 3 years after receiving assistance and complete a homeowner counseling course; loans become liens if requirements are not met

Appropriates $200 million from the General Fund, with at least $200 million required annually while the program operates; agency may retain up to 1% for administrative costs

Mandates at least 25% of funds go to low-income homeowners and at least 25% go to homeowners at imminent risk of homelessness, with annual reporting on program outcomes by census tract including race, ethnicity, and income data