Modifies down payment assistance program for benefit of first-generation and first-time homebuyers.

This bill modifies New Jersey's down payment assistance program to better support first-generation and first-time homebuyers. It increases the maximum zero-interest, forgivable loan amount from $15,000 to $20,000, adds an extra $7,000-$10,000 for first-generation homebuyers (defined as those without parental home ownership history or who were in foster care), and requires recipients to use the home as their primary residence for five years. The program must allocate at least 50% of annual funding to first-generation homebuyers, with detailed reporting on recipient demographics and program effectiveness. This directly affects low-to-moderate income homebuyers seeking to purchase single-family homes through the state’s housing agency.