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NJ A5246
NJ A5246Requires expanded use of affordable housing voucher program funding for homeownership expense assistance.
summary
Introduced
02/28/2023
02/28/2023
In Committee
03/20/2023
03/20/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Requires expanded use of affordable housing voucher program funding for homeownership expense assistance.
AI Summary
This bill requires the expanded use of affordable housing voucher program funding for homeownership expense assistance. Specifically, it amends existing law to establish a program within the State's rental assistance program that is comparable to the federal Section 8 Housing Choice Voucher Homeownership Program, allowing households to use their vouchers to purchase a home and receive monthly assistance for homeownership expenses. Additionally, the bill requires housing authorities that administer the federal Section 8 program to use a portion of their funds to implement the Homeownership Program. The Commissioner of Community Affairs is directed to adopt rules and regulations to implement the bill within six months of its enactment.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (5)
Reginald Atkins (D)*,
Angela Mcknight (D)*,
Sterley Stanley (D)*,
Mila Jasey (D),
Benjie Wimberly (D),
Last Action
Reported and Referred to Assembly Appropriations Committee (on 03/20/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5246 |
| Analysis - Statement AHO 3/20/23 | https://pub.njleg.gov/Bills/2022/A5500/5246_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A5500/5246_I1.HTM |
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