Bill > A1611

Introduced Session

This bill is entitled the "New Jersey Student Loan Assistance and Home Purchase Act." The purpose of the New Jersey Student Loan Assistance and Home Purchase program is to facilitate the purchase of first homes for individuals who are burdened by excessive student debt at extremely high interest rates. Under the bill, the Executive Director of the New Jersey Housing and Mortgage Finance Agency (NJHMFA) would establish a Student Loan Assistance and Home Purchase program to be administered by the agency. The executive director would appoint a program manager to oversee the implementation of the Student Loan Assistance and Home Purchase program. Once appointed, the manager would be required to establish a list of near eligible properties that for purchase through the program. For the purposes of the bill, "eligible property" means foreclosed residential single family homes in near move-in condition, which shall be determined based on the following factors: (1) cleanliness, (2) structural integrity, (3) expected maintenance costs, (4) property location, and (5) general habitability. Participants in the Student Loan Assistance and Home Purchase program would be required to maintain the purchased home as their primary residence for at least five years from the date of closing. Penalties and fees would be imposed if this provision is not satisfied. In addition to any regulations necessary to implement and administer the Student Loan Assistance and Home Purchase program, the regulations promulgated by the Executive Director of NJHMFA would include (1) eligibility requirements for individuals with education-related debt to participate in the program and (2) interest rates and other penalties, charges, and fees in an amount necessary to implement the provisions of the Student Loan Assistance and Home Purchase program.

AI Summary

Committee Categories

Wayne DeAngelo (D)*,  Pam Lampitt (D)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 01/14/2020)