Bill > S4200

This bill modifies New Jersey's down payment assistance program to benefit first-generation and first-time homebuyers. The key provisions include: 1. Increasing the maximum down payment assistance loan amount from $15,000 to $20,000, and providing an additional $7,000 to $10,000 for first-generation homebuyers. 2. Requiring homebuyers to complete a homebuyer counseling course and commit to using the home as their principal residence for five years. 3. Allowing homebuyers to establish eligibility as a first-generation homebuyer through self-attestation, while allowing the agency to implement measures to identify and deter fraudulent claims. 4. Appropriating at least $25 million annually from the General Fund to the program, with at least 50% of the funding allocated to first-generation homebuyers, unless the agency determines that too few have applied. 5. Requiring the agency to submit a report analyzing the program's impact on housing costs, first-generation homeownership, and other relevant factors. The bill is intended to expand access to homeownership for first-generation and first-time homebuyers in New Jersey.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S4200