Loading chat...
NJ A349
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Victoria Flynn
Click for details
AI Summary
- Creates interest-free, deferred second mortgage loans up to $10,000 for first-time homebuyers purchasing homes in New Jersey's 10 municipalities with the highest numbers of abandoned properties (plus areas within 5 miles of those municipalities)
- Loans cover basic rehabilitation repairs including plumbing, heating, electrical, roof, windows, doors, insulation, and exterior improvements, with repayment deferred until the property is sold or transferred
- Applicants must meet at least 4 of 7 eligibility criteria, including options such as: holding a degree or being a veteran, being a skilled tradesman, committing to 10 hours weekly of community volunteer work, relocating from out of state, or working locally
- Appropriates $5 million from the General Fund to the New Jersey Housing and Mortgage Finance Agency to administer the program
- Requires the agency's Executive Director to adopt implementing regulations within 9 months and determine which municipalities qualify based on abandoned property counts
Legislative Description
Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026
Committee Referrals
Housing1/13/2026
Full Bill Text
No bill text available