Establishes loan program for first-time homebuyers who move to areas with most abandoned properties; appropriates $5 million.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates a loan program to help first-time homebuyers move to New Jersey municipalities with the highest number of abandoned properties. The program offers interest-free, deferred second mortgages 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, or community involvement, and must relocate to or reside within a designated ‘eligible area’ – municipalities with high abandonment rates and surrounding areas. The bill also appropriates $5 million to fund the program.
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Sponsors
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1 on record
Primary sponsor
James Holzapfel
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