NJ S4615

Prohibits institutional investors (entities owning more than 20 single-family homes) from contacting owners, bidding on, or purchasing single-family homes during the first 90 days a property is on the market, and bars leasing acquired properties for five years after purchase

Imposes annual State taxes on institutional investors owning single-family homes: $2,000 per unit on the first 25 homes, $10,000 per unit on homes 26-250, and $25,000 per unit on homes numbering 251 and above, with revenues dedicated to down payment assistance programs

Creates civil penalties of $20,000 (or $60,000 for willful violations) for institutional investors who violate purchasing restrictions, requiring violators to sell properties within six months and forfeit profits to the Attorney General

Provides new gross income tax deductions for first-time homebuyers covering down payments, mortgage interest payments, and mortgage insurance payments up to $3,000 annually

Establishes the Starter Home Development Incentive Program offering tax credits of 20-30% of eligible project costs to developers building starter homes (1,800 square feet or less), and expedites municipal approval timelines for starter home developments