The bill amends the existing rental assistance program for low-income households in New Jersey, as established under P.L.2004, c.140 (C.52:27D-287.1). It mandates the Commissioner of Community Affairs to create a state rental assistance program that supplements existing programs under the "Prevention of Homelessness Act (1984)." The new program will provide rental assistance grants similar to the federal Section 8 program, specifically for state residents who do not hold federal Section 8 vouchers. Additionally, the bill reserves portions of the grants for senior citizens aged 62 and older, veterans who have completed the Veterans Transitional Housing Program, and other veterans. It also establishes programs for homeownership assistance, family self-sufficiency, and emergency home repair assistance.

Furthermore, the bill outlines that housing authorities administering federal Section 8 funds must implement the 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 program. 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