NJ A1456

Creates a zero-interest, forgivable mortgage assistance program administered by the New Jersey Housing and Mortgage Finance Agency for homeowners earning up to 80% of area median income who face economic hardship or risk of homelessness.

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

Recipients must complete a homeowner counseling course and commit to using the home as their principal residence for three years; loans are forgiven if the three-year requirement is met.

Appropriates $200 million from the General Fund, with at least $200 million required annually while the program operates; the agency may retain up to 1% for administrative costs.

Reserves at least 25% of funding for low-income homeowners and at least 25% for those in imminent risk of homelessness, with annual reporting required on program outcomes by race, ethnicity, income, and census tract.