This New Jersey Assembly Resolution (AR 77) urges Congress to pass federal legislation requiring mortgage lenders to count rent payments as part of credit assessments when evaluating homebuyers. It directly aims to help lower-income renters - particularly people of color with limited credit history - who consistently pay rent but are currently excluded from mortgage approvals due to lack of traditional credit. The resolution cites Fannie Mae's data showing 17% of previously disqualified applicants (many from marginalized groups) could qualify for mortgages if rent history were considered. It emphasizes that federal law currently blocks states from mandating this practice, making Congressional action necessary to expand homeownership opportunities.
This bill revises foreclosure sale procedures for residential properties in New Jersey, directly affecting sheriffs, lenders, homeowners, and nonprofit community development corporations (CDCs). Key changes include requiring sheriffs to sell foreclosed properties within 150 days, mandating specific notice rules (including Fair Debt Collection Act compliance), and establishing a 3.5% deposit requirement for nonprofits or residents who plan to occupy the property for 84+ months. It also prohibits lenders from delaying sales if a nonprofit or homeowner intends to bid, and requires disclosure of property occupancy status before sale. The bill amends existing law (P.L.1995, c.244) and is currently pending in committee (introduced Jan. 2026).
This bill exempts senior citizens, blind individuals, and disabled persons from specific realty transfer fees when buying or selling their owner-occupied one- or two-family homes. It eliminates the State portion of the basic fee and general purpose fee for qualifying sellers and removes a 1% fee for qualifying buyers purchasing homes over $1 million. The exemption does not apply if the property is jointly owned by someone who doesn't meet the eligibility criteria. All affected transactions must still comply with standard transfer requirements, and fees not collected due to this exemption are redirected to the Affordable Housing Trust Fund.
This bill (A 2805) allows New Jersey municipalities to use up to 30% of funds from municipal development fees - collected from residential developers - to provide down payment assistance grants for first-time veteran homebuyers. Each veteran would receive a grant of up to $15,000, and these grants would not count as income for eligibility in other state programs or for tax purposes. The funds must come from existing municipal development trust funds designated for housing affordability assistance under state law. The bill does not create new taxes or fees but redirects a portion of existing development fee revenue toward veteran homebuying support.
S 3652 creates a New Jersey home purchase grant program for veterans who served at least 90 days in federal active duty. It provides dollar-for-dollar matching grants of up to $10,000 per veteran to cover closing costs, equity payments, or other home-buying expenses, with no income requirements. Eligible veterans must be New Jersey residents with proof of service and intent to buy a primary residence in the state. The bill appropriates $2 million to fund the program, which will operate through the Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs.
This bill requires property owners of hotels and multi-unit buildings with two or more floors (excluding small owner-occupied homes) to ensure accessibility for people with disabilities during elevator outages. Specifically, owners must restore elevator service within two hours or provide alternative access (like evacuation chairs, ramps, or stairlifts) if elevators are out longer. Owners must also immediately notify residents of outages and estimated repair times. Violations carry daily penalties up to $2,500 for ongoing issues, with a grant program available to help cover costs for accessibility equipment.
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.
This bill requires landlords of multi-unit rental properties (excluding very small owner-occupied buildings with three or fewer units) to provide tenants with a legal resources notice. Landlords must distribute the notice at move-in, lease renewal, and when legal action is taken against a tenant, and post it prominently in the building. The notice, developed by the state Department of Community Affairs, lists free and private legal services, common tenant rights, and a $1,000 penalty for non-compliance. It directly affects landlords in qualifying properties and ensures tenants have accessible information about legal assistance.
New Jersey bill A 2592 requires most residential landlords to give tenants written notice within five business days if nearby construction (like neighbor property work) or their own maintenance might cause property damage or hazards. This applies to landlords renting properties with more than two units or seasonal rentals, excluding small owner-occupied homes (up to three units) and hotels. Notices must be delivered by mail, posted prominently, or electronically before work begins. Landlords who fail to provide notice face fines up to $200 per violation, enforceable through local courts.
This bill requires mortgage lenders in New Jersey to provide homeowners facing foreclosure with detailed written notices that include specific information about free housing counseling services. The notice must clearly explain the homeowner's right to access free counseling through the Foreclosure Mediation Program and list resources like the New Jersey Housing and Mortgage Finance Agency. It mandates that notices include contact details for local legal aid, the municipal affordable housing liaison (if applicable), and programs offering financial assistance to cure defaults. The law directly affects residential mortgage debtors and lenders, ensuring homeowners receive timely guidance to potentially avoid losing their homes. These changes amend existing foreclosure procedures under P.L.1995, c.244 and P.L.2019, c.64.
