NJ S1430

Expands New Jersey's State rental assistance program to allow housing vouchers to be used for homeownership, enabling recipients to receive monthly homeownership assistance or a single down payment assistance grant

Requires the program to establish a Family Self-Sufficiency Program 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

Mandates that local housing authorities administering federal Section 8 vouchers implement the Housing Choice Voucher Homeownership Program or allow households to transfer to the state program for homeownership assistance

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