NJ A905

Establishes the Residential Property Repair Program within the New Jersey Housing and Mortgage Finance Agency, providing low-interest loans up to $50,000 per residential unit to correct home defects such as uninhabitable conditions, asbestos, mold, pests, or lead hazards

Limits eligibility to homeowners or prospective homeowners with household income at or below 120% of area median income in qualifying urban aid municipalities, or to first responders purchasing or residing in eligible municipalities

Requires loan recipients to commit to residing in the repaired home as their principal residence for at least five years, with a $5,000 civil penalty for early departure

Mandates prospective homebuyers complete at least eight hours of homebuyer counseling covering budgeting, home finance, property taxes, and the home purchase process before receiving assistance

Appropriates $30,000,000 from federal American Rescue Plan Act funds to establish the Residential Property Repair Fund for program administration