Imposes annual State tax on investment ownership of single family residences in this State by certain entities for purposes other than single family ownership, providing revenue for down payment assistance for family ownership.

This bill imposes an annual $20,000 tax on entities owning more than 20 single-family homes in New Jersey as of the last day of the tax year. It targets large investors like hedge funds, private equity firms, and real estate investment trusts (REITs), but excludes nonprofits, homeowners who build/rehab homes, and owners of federally subsidized housing. Revenue from this tax will fund down payment assistance programs for first-time homebuyers seeking family ownership. The tax applies to each home above the 20-home threshold, with reporting due quarterly and specific exemptions for certain sales or ownership reductions.