NJ S4830

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

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

Requires recipients to use the home as their principal residence for 3 years and complete a homeowner counseling course; loans become recoverable liens if requirements are violated

Appropriates $200 million from the General Fund, with the same amount required in subsequent annual budgets; agency may retain up to 1% for administrative costs

Mandates at least 25% of funding go to low-income homeowners and at least 25% to those in imminent risk of homelessness; requires annual reporting on program outcomes including data by race, ethnicity, and income