Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.

This bill establishes a $5 million loan program for first-time homebuyers purchasing homes in New Jersey areas with the highest concentrations of abandoned properties. Eligible applicants (meeting at least four of seven criteria, such as recent relocation, skilled employment, or education) receive interest-free, deferred second mortgages of up to $10,000 to cover basic repair costs like plumbing, roofing, or electrical work. The program targets the 10 municipalities with the most abandoned properties and all areas within five miles of their boundaries. Loans are deferred until property sale or transfer, and the New Jersey Housing Agency must adopt rules within nine months to implement the program.