Establishes Residential Property Repair Program; appropriates $30,000,000.

S 2485 establishes New Jersey's Residential Property Repair Program, appropriating $30 million in federal American Rescue Plan Act funds to provide low-interest loans (up to $50,000 per home) for fixing serious home defects. The program directly affects eligible homeowners or prospective homeowners in designated municipalities who meet income limits (under 120% of area median income) or are first responders, covering defects that make homes uninhabitable or create health hazards like lead or mold. Key provisions require applicants to commit to living in the repaired home as their principal residence for five years (with a $5,000 penalty for early departure) and complete homebuyer counseling before receiving funds. The program, administered by the New Jersey Housing and Mortgage Finance Agency, cannot replace existing home repair funding and is limited to properties in municipalities with abandoned property lists.