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Bill > S1446
NJ S1446
NJ S1446Modifies down payment assistance program for benefit of first-generation and first-time homebuyers; makes an appropriation.
summary
Introduced
01/09/2024
01/09/2024
In Committee
06/24/2024
06/24/2024
Crossed Over
06/28/2024
06/28/2024
Passed
06/28/2024
06/28/2024
Dead
Signed/Enacted/Adopted
06/28/2024
06/28/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act concerning housing assistance for certain homebuyers and amending P.L.2023, c.78.
AI Summary
This bill establishes a zero-interest, forgivable loan program within the New Jersey Housing and Mortgage Finance Agency to provide down payment assistance to first-time homebuyers, including an additional award for first-generation homebuyers. The program requires homebuyers to complete a counseling course and commit to using the home as their principal residence for five years. The bill appropriates $8 million from the New Jersey Affordable Housing Trust Fund to the agency for the down payment assistance program and requires annual appropriations of at least $25 million starting in fiscal year 2024 to fund the program.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (18)
Lou Greenwald (D)*,
Tennille McCoy (D)*,
Bill Moen (D)*,
Teresa Ruiz (D)*,
Troy Singleton (D)*,
Rosaura Bagolie (D),
Margie Donlon (D),
Vicky Flynn (R),
Shama Haider (D),
Yvonne Lopez (D),
Carmen Morales (D),
Paul Moriarty (D),
Luanne Peterpaul (D),
Verlina Reynolds-Jackson (D),
Gabriel Rodriguez (D),
Shanique Speight (D),
Sterley Stanley (D),
Lisa Swain (D),
Last Action
Approved P.L.2024, c.23. (on 06/28/2024)
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/S1446 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/23_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/23_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1446_R2.HTM |
| Veto (Conditional Veto) | https://pub.njleg.gov/Bills/2024/S1500/1446_V1.PDF |
| Analysis - Statement AAP 6/24/24 1R | https://pub.njleg.gov/Bills/2024/S1500/1446_S3.PDF |
| Fiscal Note - Fiscal Estimate 6/19/24; 1R | https://pub.njleg.gov/Bills/2024/S1500/1446_E1.PDF |
| Analysis - Statement AHO 2/22/24 1R | https://pub.njleg.gov/Bills/2024/S1500/1446_S2.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1446_R1.HTM |
| Analysis - Statement SCU 1/25/24 | https://pub.njleg.gov/Bills/2024/S1500/1446_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1446_I1.HTM |
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