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 is tasked with updating the program's regulations to expand eligibility criteria, allowing households unable to make rental payments due to circumstances beyond their control to receive assistance, regardless of whether they have been served with eviction notices. The bill also establishes different tiers of financial assistance based on income levels, including deep and shallow subsidies, and flat grants for moderate-income households. Additionally, it prohibits evictions based on nonpayment of rent accrued during the moratorium period, while still 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 ensure assistance for households in need. The overall goal of the bill is to provide financial stability for tenants and landlords, prevent evictions, and mitigate the public health risks associated with housing instability in the wake of the COVID-19 pandemic.