This bill creates a New Jersey program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. Account holders can contribute up to $15,000 per year (with a lifetime limit of $75,000) and earn tax-free growth on those funds, with the account balance capped at $150,000 annually. Funds can only be withdrawn to cover down payments and closing costs for a primary residence purchase, and withdrawals for other purposes require tax reporting. The program is administered by the New Jersey Housing and Mortgage Finance Agency to encourage home ownership through tax-advantaged savings.
New Jersey's S 224 creates a down-payment assistance program for police officers, firefighters, public school teachers, corrections officers, and sanitation workers in designated school districts. It provides $10,000 zero-interest second mortgages (for down payments and closing costs) that are forgiven at 20% per year over five years, contingent on the home remaining the applicant's primary residence. To qualify, applicants must have at least one year of employment in their respective public sector roles and live in a participating neighborhood within an SDA school district. The program is funded by a $5 million state appropriation to the New Jersey Housing and Mortgage Finance Agency.
This bill repeals exemptions that previously allowed new residential construction to be temporarily exempt from municipal rent control or rent leveling ordinances during the initial mortgage period. It directly affects new residential developments in New Jersey municipalities with such ordinances, requiring them to comply with rent control rules from the start of occupancy. The key change removes the requirement for municipalities to exclude new construction from rent control for a set period after building completion. The bill takes effect immediately and applies to developments with development applications submitted after its effective date.
S 635 establishes a three-year "Sustainable Tiny Home Pilot Program" through New Jersey's Housing and Mortgage Finance Agency (HMFA), appropriating $5 million to fund construction of tiny homes (under 300 sq ft) in three regions of the state. The program awards annual grants totaling $1.65 million to builders who construct tiny home developments meeting green building standards, with requirements to report recycled construction waste and energy-efficient features. It directly affects builders, selected municipalities (chosen based on zoning flexibility and community interest), and future residents seeking affordable, low-emission housing. The bill aims to reduce carbon emissions (tiny homes emit ~2,000 lbs CO2 annually vs. 28,000 lbs for standard homes) and construction waste, aligning with climate goals.
This bill prohibits mortgage lenders in New Jersey from refusing loans or imposing worse terms based on a person's "familial status," which includes being a parent (natural, adoptive, or resource family), having custody of a child, or being pregnant. It directly affects mortgage applicants with these family situations and the lenders who serve them. Key provisions allow affected individuals to sue for damages and legal fees, while the Banking Commissioner can investigate violations and impose $10,000 fines per offense. The law aims to prevent discrimination in home loans related to family structure or parenting status.
This bill revises New Jersey's tax lien foreclosure process to require returning excess proceeds from property sales to former owners after lienholders are reimbursed for unpaid taxes and interest. It directly affects property owners facing tax lien foreclosures and both municipal and private lienholders under current tax sale law. The change responds to court rulings (Tyler v. Hennepin County and a New Jersey Appellate Division case) finding that retaining all sale proceeds violates constitutional protections against uncompensated property takings. The law would end the practice of "equity theft" by mandating that property equity beyond the tax debt must be returned to the original owner.
This bill establishes a $200 million mortgage assistance program for New Jersey homeowners with low or moderate incomes who face imminent risk of homelessness due to missed mortgage payments. It provides forgivable, zero-interest loans (called "deep," "moderate," "shallow," or "single" subsidies) to cover arrears, fees, and future payments after qualifying hardships like job loss, illness, or death of a family member. Homeowners must complete a counseling course, commit to living in the home as their primary residence for three years, and use the funds only for their principal residence to qualify for loan forgiveness. The program targets households earning 50% to 80% of the local median income who have experienced financial hardship causing mortgage delinquency.
S 1803 expands financing options for affordable housing projects in New Jersey by broadening the definition of "eligible loans" to cover a wider range of housing types, including multi-family units, boarding houses (with specific exclusions), continuing-care retirement communities, assisted living, and mobile homes. It explicitly allows loans to finance related services like parking, utilities, community facilities, and life safety improvements in boarding houses, certified by the Department of Community Affairs. This bill directly affects low and moderate-income housing sponsors (developers, nonprofits, or for-profit entities) seeking funding for projects that provide residential housing. The key change is streamlining access to financing for diverse affordable housing models through the New Jersey Housing and Mortgage Finance Agency. The bill is currently pending in the Senate Community and Urban Affairs Committee.
This bill (S 2726) would allow New Jersey's Governor to issue an executive order preventing evictions and foreclosures for two specific groups during a federal government shutdown: federal employees who are furloughed or unpaid, and recipients of SNAP food assistance. The order would pause enforcement of eviction/foreclosure judgments (like removals or warrants) but not stop the legal proceedings themselves. Exceptions permit enforcement only if a court deems it necessary for justice or if the eviction isn't based on nonpayment of rent. The order would remain in effect for up to one month after the shutdown ends.
This bill provides temporary financial protections for New Jersey homeowners and tenants impacted by the COVID-19 pandemic. It requires mortgage lenders to grant at least 90 days of payment forbearance (a temporary pause on mortgage payments) to qualifying homeowners who lost income due to the pandemic, with an option for a second 90-day period. It also prohibits "non-essential evictions" for tenants who lost income or faced pandemic-related hardships, and prevents negative credit reporting for pandemic-related payment delays. These protections apply during the emergency period (the Governor's declared emergency plus 60 days) and cover renters and homeowners meeting income and hardship criteria.
