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 to help first-time homebuyers repair homes in areas with high numbers of abandoned properties. It provides interest-free, deferred loans (up to $10,000) for basic repairs like plumbing, electrical work, or roofing, which borrowers repay only when selling the home. To qualify, applicants must be first-time homebuyers moving to one of New Jersey's 10 municipalities with the most abandoned properties (or within five miles of those areas) and meet at least four specific criteria, such as having a degree, being a veteran, or committing to community service. The program is funded through a state appropriation and requires the Housing Agency to define eligible areas within nine months of the bill's passage.