Bill > S2896

Introduced Session

This bill establishes a grant program to assist certain veterans, who served in active federal duty, in the purchase of a home. This grant program would be established by the New Jersey Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs. The grant program may be interfaced with any program administered by the agency for first-time homebuyers, except that a recipient need not meet the eligibility criteria of any other homebuyer program in order to participate in the matching grant program established pursuant to the bill. Under the bill, the grant program would provide matching grants to eligible veterans on a dollar-for-dollar matching fund basis, up to a maximum of $10,000. These funds may be applied to closing costs, equity payments, or for any other purpose which assists the recipient in purchasing a home. The bill prohibits any person from receiving more than one matching grant under the program To qualify for the grant program, a veteran would be required to provide, at the time of application, proof of: (1) at least 90 days of service on federal active duty; (2) legal residency in the State of New Jersey; and (3) the intent to purchase a principal residence in the State of New Jersey. Under the bill, the agency may not establish income eligibility requirements for the grant program. However, the agency may give priority to those applicants who also qualify for assistance under other programs administered by the agency, such as the first time home-buyer program. The bill defines "veteran" to include any active member of any branch of the United State Armed Forces, any member of the reserve components of the United States Armed Forces, and any member of the New Jersey National Guard. The bill also appropriates $2 million from the General Fund to the New Jersey Housing and Mortgage Finance Agency to fund the grant program.

AI Summary

Committee Categories

Jim Beach (D)*,  Linda Greenstein (D)*, 

Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 03/04/2024)

Official Document