This bill aims to revise the existing Homelessness Prevention Program by renaming it the Eviction and Homelessness Prevention Program and making significant changes to its regulations. The Commissioner of the Department of Community Affairs will oversee these amendments, which include expanding eligibility criteria for assistance to households unable to make rental payments due to circumstances beyond their control, regardless of whether they have been served with eviction notices. The bill also establishes a tiered assistance system based on income levels, providing deep and shallow subsidies, as well as flat grants for moderate-income households. Additionally, it prohibits evictions based on nonpayment of rent accrued during the eviction moratorium, while allowing landlords to seek monetary judgments for unpaid rent.

To support these initiatives, the bill appropriates $300 million from federal funds provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for the Eviction and Homelessness Prevention Program, with a cap of $1.5 million allocated for administrative costs. If the full amount is not available through the CARES Act, the bill allows for the use of other federal or state funds to assist households that may not qualify for federal assistance. The overall goal of the bill is to provide financial support to vulnerable tenants and prevent a surge in evictions that could exacerbate public health risks related to the ongoing COVID-19 pandemic.