NJ S1446

Amends the zero-interest, forgivable loan program to provide down payment assistance of up to $20,000 for first-time homebuyers who use the home as their principal residence for five years

First-generation homebuyers qualify for an additional $7,000 to $10,000 in down payment assistance on top of the base $20,000 award

Defines "first-generation homebuyer" as someone whose parents or legal guardians have no ownership interest in residential property, or individuals who were in foster care, emancipated youth, or designated as homeless unaccompanied youth

Requires annual appropriations of at least $25 million from the General Fund, with at least 50% of assistance awarded to first-generation homebuyers

Appropriates up to $8,000,000 from the New Jersey Affordable Housing Trust Fund for the Down Payment Assistance Program