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Bill > S3652
NJ S3652
NJ S3652Creates home purchase grant program in HMFA for certain veterans who served in federal active duty; appropriates $2 million.
summary
Introduced
02/24/2026
02/24/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
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
This bill establishes a new home purchase grant program administered by the New Jersey Housing and Mortgage Finance Agency (HMFA) in collaboration with the Department of Military and Veterans Affairs to help certain veterans buy homes. Eligible veterans, defined as any active member of the U.S. Armed Forces, reserve components, or the New Jersey National Guard, who have served at least 90 days on federal active duty, are legal residents of New Jersey, and intend to purchase a primary residence in the state, can receive a matching grant of up to $10,000 on a dollar-for-dollar basis to help with closing costs, equity payments, or other home-buying expenses. Importantly, this program does not have income eligibility requirements, though the HMFA may prioritize applicants who also qualify for other assistance programs like the first-time homebuyer program, and no veteran can receive more than one grant. The bill also appropriates $2 million from the General Fund to the HMFA to finance this new grant program, which will be integrated into the HMFA's existing powers and functions.
Committee Categories
Military Affairs and Security
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 02/24/2026)
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/2026/S3652 |
| BillText | https://pub.njleg.gov/Bills/2026/S4000/3652_I1.HTM |
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