Bill > S3097

This bill, titled the "Protection of Homeownership and Limiting Institutional Investor Acquisition Act," aims to curb the acquisition of single-family homes by large investors, referred to as "institutional investors," and to support individual homebuyers. Key provisions include a 45-day waiting period after a single-family home is listed before an institutional investor can contact the owner or place a bid, and a five-year restriction on leasing homes purchased by these investors. The bill also introduces an annual State tax on institutional investors based on the number of single-family homes they own, with escalating rates for larger portfolios, and dedicates the revenue from this tax to down payment assistance programs for families. Additionally, it provides tax deductions for first-time homebuyers for down payments, mortgage interest, and mortgage insurance, and establishes incentives for the development of "starter homes" (single-family homes up to 1,800 square feet) through tax credits for developers. The bill also includes provisions for public awareness campaigns about institutional investment impacts and resources for homebuyers, and amends existing laws related to resilient home construction and local planning board procedures to prioritize starter homes. Exemptions from certain provisions apply to entities like non-profit affordable housing developers, small institutional investors, and those acquiring properties through foreclosure.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S3097