Bill > A5848

Introduced Session

This bill would modify a down payment assistance loan program, administered by the New Jersey Housing and Mortgage Finance Agency (HMFA), for the benefit of first-generation and first-time homebuyers. The bill would modify the loan program's definition of "first-generation homebuyer" so that a loan program applicant would be able to meet this definition if a member of their household has acquired a home in the last three years, so long as the applicant, and their spouse or domestic partner, have not. The bill would modify the loan program's definition of "first-time homebuyer" so that the definition would not restrict ownership of residential real property within the previous three years, as long as an applicant is using a mortgage product offered by HMFA through an HMFA homebuyer program to purchase single-family housing, and has a gross household income that does not exceed a limitation determined by HMFA. A first-time homebuyer would be required to commit to use a home purchased through the loan program as their principal residence for five years following the purchase, and, and provided by this bill, for these five years retain the first mortgage product offered by the agency through an agency homebuyer program. The bill would adjust the loan award to be offered though the loan program from $15,000 to an amount not to exceed $20,000. The bill would modify a homebuyer education requirement for participation in the loan program to provide HMFA with more discretion over how to administer the coursework. The bill would also adjust the regulatory guidance requirements for the loan program, requiring HMFA to develop guidelines instead of promulgating rules and regulations.

AI Summary

Committee Categories

Lou Greenwald (D)*, 

Introduced, Referred to Assembly Housing Committee (on 12/07/2023)

Official Document