Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a loan program for first-time homebuyers who move to New Jersey municipalities with a high number of abandoned properties. The program, administered by the New Jersey Housing and Mortgage Finance Agency, offers interest-free, deferred second mortgage loans up to $10,000 to cover qualified repairs to residential properties. To be eligible, applicants must meet specific criteria related to education, military service, employment, community involvement, and relocation, and must purchase a property within a designated ‘eligible area’ – the 10 municipalities with the most abandoned properties and surrounding areas.
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