Bill > S1430

This bill establishes an expanded state rental assistance program that goes beyond existing homelessness prevention efforts by creating multiple new housing support initiatives. The program will provide rental assistance grants to New Jersey residents who do not currently have federal Section 8 vouchers, with specific allocations for different populations including seniors aged 62 or older, veterans (both those who have completed transitional housing programs and others), and low-income households. The bill introduces several innovative components, such as a homeownership assistance program that allows voucher recipients to receive monthly assistance or a down payment grant to purchase a home, a family self-sufficiency program designed to help families achieve economic independence, and a home repair emergency assistance fund to support homeowners with necessary repair costs. Additionally, the bill requires local housing authorities that administer federal Section 8 Housing Choice Voucher programs to implement a homeownership program or allow households to transfer to the state program's homeownership initiative. The Department of Community Affairs is authorized to quickly adopt implementation regulations, with a one-year window to develop comprehensive long-term rules. The bill aims to provide more flexible and comprehensive housing support to low-income New Jersey residents, with a particular focus on helping people transition from rental assistance to homeownership.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1430