Housing

S 2108 (New Jersey) increases protections for homeowners and bank account holders facing debt collection. It establishes a homestead exemption for primary residences (including condos and manufactured homes) up to the county median home price (capped at $600,000 for seniors/disabled residents) or $300,000 - whichever is higher - with automatic annual inflation adjustments. The bill also creates a new $300,000 exemption for bank accounts and allows cash proceeds from selling a homestead to remain protected for 18 months. These exemptions apply automatically without requiring paperwork and cover essential household goods, but exclude cases involving fraud or intentional misconduct. The bill directly affects New Jersey residents with debt who own a primary residence or maintain qualifying bank accounts.

S 1516, the "End Hedge Fund Control of New Jersey Homes Act," would impose a 50% tax on hedge funds managing $50 million or more in pooled investor assets when purchasing single-family or small multi-family homes (1-4 units) in New Jersey. It includes exemptions for properties used as primary residences, foreclosed homes, or those built with public funding, and sets annual ownership limits that gradually decrease over five years (e.g., hedge funds could own 90% of current holdings in year one, dropping to 50% by year five). The tax applies to acquisitions after the bill’s effective date, with the Division of Taxation requiring reporting to enforce compliance. This bill directly affects large investment entities managing residential property portfolios, not individual homeowners or small landlords.

S 3046 creates a faster court process for foreclosing on residential properties that are verified as vacant and abandoned, directly affecting lenders and property owners in such cases. It requires lenders to prove abandonment through specific evidence (like disconnected utilities or neighbor reports) and skips the standard "notice to cure" requirement. The bill allows summary judgment if the court confirms abandonment and there are no objections (uncontested cases), with strict service rules for property notices. This applies only to residential properties, not timeshares, and doesn’t change other foreclosure rules. The bill is currently pending in the Senate Community and Urban Affairs Committee.

This bill would create a New Jersey program providing up to $10,000 in matching grants to help eligible military members purchase homes. It directly affects members of the U.S. Armed Forces and New Jersey National Guard who served at least 90 days in Operation Noble Eagle, Enduring Freedom, or Iraqi Freedom, are legal New Jersey residents, and plan to buy a primary residence in the state. The grants match the recipient's contribution dollar-for-dollar for closing costs or equity payments, with no income requirement (though priority would go to those eligible for other state housing programs). The program would be administered by the New Jersey Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs. The bill is currently pending in the Senate Military and Veterans' Affairs Committee.

This bill requires New Jersey municipalities to permit accessory dwelling units (ADUs) in single-family and two-family residential zones as a standard use, eliminating the need for special approvals beyond standard zoning. It sets specific size limits (minimum 300 sq ft, maximum 1,200 sq ft), height restrictions (max 20 feet), and setback rules (no more than five feet for detached ADUs). The bill also mandates that ADUs must be rented separately from the primary dwelling but cannot be sold separately, and exempts them from fire sprinkler requirements if the primary dwelling does not require them. These provisions directly affect homeowners seeking to build ADUs and municipalities required to update zoning regulations.