The bill amends the existing rental assistance program for low-income households in New Jersey, specifically targeting individuals who do not currently hold federal Section 8 vouchers. It establishes a State rental assistance program that supplements existing programs under the "Prevention of Homelessness Act." Key provisions include the termination of State assistance upon receiving federal Section 8 support, and the allocation of funds for specific groups such as senior citizens aged 62 and older, veterans who have completed the Veterans Transitional Housing Program, and other veterans. Additionally, the bill introduces programs for homeownership assistance and family self-sufficiency, as well as a Home Repair Emergency Assistance Fund.

Furthermore, the bill mandates that housing authorities administering federal Section 8 funds implement a Housing Choice Voucher Homeownership Program, allowing households to use vouchers for home purchases. It also allows for the transfer of households to the Department of Community Affairs' federal Section 8 program for participation in the homeownership initiative. The Department of Community Affairs is granted the authority to adopt regulations immediately to implement these provisions, which will remain effective for one year before undergoing the standard regulatory process. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:27D-287.1
Advance Law: 52:27D-287.1
Pamphlet Law: 52:27D-287.1