Bill
Bill > A4825
NJ A4825
NJ A4825Permits veterans to provide five percent of purchase price in sheriff auction of residential property under certain circumstances.
summary
Introduced
09/19/2024
09/19/2024
In Committee
09/19/2024
09/19/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill permits veterans to tender a five percent deposit instead of the 20 percent deposit most commonly required for a residential property at a sheriff auction if the veteran will reside in the property for a minimum of two years. As of 2023, there are 338,012 veterans living in New Jersey. Veterans face unique challenges accessing housing. This bill promotes homeownership for veterans by reducing the barriers to purchasing a home through county sheriff sales. This is restricted to a home in which the veteran commits to reside for a minimum of two years. This bill would take effect immediately.
AI Summary
This bill permits veterans to tender a five percent deposit instead of the 20 percent deposit most commonly required for a residential property at a sheriff auction if the veteran will reside in the property for a minimum of two years. As of 2023, there are 338,012 veterans living in New Jersey, and veterans face unique challenges accessing housing. This bill promotes homeownership for veterans by reducing the barriers to purchasing a home through county sheriff sales. This is restricted to a home in which the veteran commits to reside for a minimum of two years. This bill would take effect immediately.
Committee Categories
Military Affairs and Security
Sponsors (1)
Last Action
Introduced, Referred to Assembly Military and Veterans' Affairs Committee (on 09/19/2024)
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/A4825 |
| BillText | https://pub.njleg.gov/Bills/2024/A5000/4825_I1.HTM |
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