Establishes mortgage assistance program for benefit of certain low- and moderate-income homeowners; appropriates $200 million.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes a mortgage assistance program within the New Jersey Housing and Mortgage Finance Agency to help low- and moderate-income homeowners at risk of homelessness or facing financial hardship. The program will provide zero-interest, forgivable loan awards – categorized as deep, moderate, shallow, or single subsidies – to cover mortgage payments and related expenses. Recipients must commit to maintaining the property as their principal residence for three years and complete a homeowner counseling course. The bill appropriates $200 million to fund the program.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsors
Vincent Polistina
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