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Bill > S1891
NJ S1891
NJ S1891Permits certain portion of municipal development trust funds to be spent on housing affordability assistance to veterans.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides that a municipality that is authorized to collect affordable housing fees pursuant to the rules of the Council on Affordable Housing may set aside up to 30 percent of the development fee amounts permitted to be spent on affordability assistance programs to be directed to a municipal program for first-time homebuying veterans to provide grants for down payment assistance. Grants under the program are to be limited to $15,000 per recipient, and is not to be considered as income concerning eligibility requirements for other State programs, or for purposes of taxation. The bill is to help veterans by supplementing other State programs available for first-time homebuyers, such as the low-interest loans program offered by the New Jersey Housing and Mortgage Finance Agency.
AI Summary
This bill permits municipalities that collect affordable housing fees to set aside up to 30% of those funds for a program that provides grants of up to $15,000 to first-time homebuying veterans for down payment assistance. The grants would not be considered as income for the purposes of eligibility for other state programs or taxation. The bill aims to supplement existing state programs that offer low-interest loans to first-time homebuyers, such as those offered by the New Jersey Housing and Mortgage Finance Agency, in order to assist veterans with purchasing their first homes.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
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/2024/S1891 |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1891_I1.HTM |
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