S 3097
"Protection of Homeownership and Limiting Institutional Investor Acquisition Act"; imposes limitations and establishes certain incentives and disincentives concerning acquisition of single-family residences.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
The "Protection of Homeownership and Limiting Institutional Investor Acquisition Act" aims to preserve New Jersey’s housing market by restricting the buying activities of institutional investors. The bill introduces tax penalties for institutional investors purchasing single-family homes, provides incentives for first-time homebuyers and developers of starter homes, and establishes a public awareness campaign. It also shortens the timeframe for development approvals and creates a revolving fund to support starter home development.
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